48-70 BAN property owners portion to improve streets

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ORDIIIANCE ~'I0. 48-70 BY: Messrs. UsUrer, Ward, Wendling, Graber, Huffman, Kelley ~2~ I~.~RG~ICY OPOIIL~CE to pro~ide for the issuance of notes in anticipation of the le~y of special assessments and in anticipation of the issuance Of bonds to pay the property owners' and the City's portion of the cost of improvi~ certain streets in the City of L~kewood~ Ohio, by the necessary grading of the base~, resurfacing with asphaltic concrete including the neceos-~on~y replacement and resetting of castings and the necessaz~y resetting and replacing of curbs together ~ith necessary ~oour- tenances thereto. i~EREAS~ this Council has heretofore requested the Director of Finance to issue his certificate as to the estLv, ated life of the Jn~orovenent and the maximu~ maturity of the bonds hereinafter referred to and o~ the notes to be issued in anticipation of said bonds~ and the Director of Fin~uce has certified to this Council such estimated life as at least ten years and has iku~oher certified the maximum maturity of such notes as July 28~ 1~74, or one year if sold privately~ and ~REAS~ ~there is now available from revenues . ~40 which is to be applied to the r~etirement of the outstanding $143~000 note~ dated July 28~ 1969.; and . WEEREAS~ this Council' by two-thirds vote of the members elected ·hereto determines that this ordinance is an emergency measure which is necessary for the in~nediate preservation of the public peace~ property~ health~ and safety for the reason that the im~ediate issuance and sale of · he 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, TEEREFORE~ BE I~ ORDAT2~ED by.. the City of Lakewood~ Cuyahoga County~ Ohio: Section 1. ~'~Th~t is it. hereby declared necessary to issue bonds of ~he City of Lakewood inth~e principal amount of $82~600 for the purpose of paying the property owners' portion, in anticipation of the collection of special assessmemts~ and the City's portion of the cost of improving Bonnie View Avenue~ Dowd Street, Edwards Avenue~ ~&~gee Street~ Marlowe Avenue~ Quail Street~ Ramona Avenue~ and Summit Avenue by the necessary grading of the base~ resurfacing with asp.h~ltic con~rete~ replacing and resettirg of curbs together with the necessary appurtenances thereto~ between the termini and in the m~nner provided in Ordinance 2~-69 to ~6-6~ inclusive~ passed May 1~6~. 0£ said amo~_ut the City's portion is $Tl~ll~ and the property o~ners' portion is $11~ 481. Section 2. That said bonds shall be dated approximately July l~ l~l, shall bear interest at the estimated rate of six and one-half per cen- l~um (6-1/2%) per annum~ payable semi-~unua!ly~ u~til the principal s~u is paid~ and shall mature in five substantially equal annual instal !~ents after their issuance.