46-70 BAN property owners portion to improve streets

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ORDINANCE NO. 46-70 BY: Messrs. Wendling, ~raber? Huffman, Kelley, Usher, Ward AN Ft~GENCY ORDII~f&~CE to ~rovide for the issuance of notes in anticipation of the collection of special assessments and in anticiDation of the issuance of bonds to pay the property o~.mers' and the City's po~ion of the cost of ~nprov~ing ce~tain streets in the City of L~iewood~ Ohio~ bl.~ the necessary grading of the base~ resurfacing wit~ aspl~ltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacino~ of curbs. I.~tEREAS~ this Co~-ncil has heretofore requested the Director of Finance to isgu.e his certificate as to the estimated life of the improve:.~ent and the max~.~um mat~rity of the bonds hereinafter referred to and o~ the notes to be issued in ~nticipation of said bonds~ and the Director of ~-nance has certified to this Coo~cil such estimated life as at least ten years and b~s further certified the maximum maturity of such notes as June 21~ 1971~ or one year if sold privately~ and ~IEREAS, there is now available from revenues $8,100 which is to be applied to the retirement of the outstanding $93~500 note~ dated July WHEREAS~ this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary forthe.irmmediate preservation of t]he public peace~ property~ health: and safety for the reason that the immediate issuance mud sale of the notes herein authorized is necessary to enable the City to retire the outstanding note which is about to mature and thereby preserve its credit. NOW, THEREFOPiE~ BE IT ORDAI~ED bY the Council of the City of Lakewood~ Cuyahoga County~ Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Ls]~ewood in the principal sum of .$85~ 400 for the purpose of paying the property o~..mers' Portion~ in anticipation of the collection of special assessments~ and the City~ portion of the cost of improving Andrews Avenue~ Cliffdale Avenue~ Donald Avenue~ Edgewater Drive, Lakels~nd Avenue~ Lark Street~ Orchard Grove Avenue, Pa~k Place, Ridgewood Avenue, Leedale Avenue, Robin Street~ Rosewood Avenue~ and Rosalie Avenue by the necessary grading of the base~ resurfacing ~lth asphaltic concrete includ- ing the necessary replacement and resettino~ of castings and the necessa~/ resetting and replacing of curbs~ between the termini and in the manner provided in Ordinance Nos. 29-66 to 41-66, inclusive~ passed April 18, 1966. Of said amount the City's portion is $77,300 ~ and the property owners' portion is $8~100. Section 2. That said bonds shall be d~ted approXimate%v July 1971~ shall bear interest at the estimated rate of six and one-half per (6-1/2%) per annUm~ oayable semi-annually~ until the principal sum is ~ - . 9al~ and shall mature in five substantially equal annual installments after the{r issuance. ! HEREBY CERTIFY THIS ORDINANCE NO. ~(~-'?0 ,TO BE /~, TRUE COPY · OF/~E