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(.,i<i}IUA;{Ci.', [~1(). 64-70 BY: Messrs. Usher, Ward, Wendling,
<br /> Gaydos, Graber, Uuffman, Kelley
<br />AN i'i~II'J::C, ENC¥ ORDINANCE to provide for the ]:;:.;u'mc~.~ o~' ~..t~.~: ~:~
<br />ant~cit,t~{,Jon of the collection of spccio.1 a~';sc~':sments and in ant:~c[f.,' ~;.
<br />of the/i:;suaucc of bonds to pay the ,property owners' and thc City'~: ~,~v~,i~:~
<br />of thq/cost of improving a certain casement of the City of Lake~ood al~:;~,.~;
<br />a privately owned roadway in Clifton Park Lagoon con,only known aa ~Beach
<br />Road by the construction of a sanita~ sewer, pumping station and force
<br />main, together with curb connections therefor and other necessary appurtcnanc~s
<br />thereto.
<br />
<br /> ~{EF~A$, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the
<br />notes to be issued in anticipation of said bonds, and the Direct0r~of Finmncc
<br />has certified to this Council such estimated life as exceeding ten years
<br />and has further certified the m~ximum maturity of such notes as five years,
<br />or one year if sold privately; and
<br />
<br /> %qIEREAS, this Council has heretofore by proper legislation determined
<br />to proceed with the improvement of a certain easement hereinafter designated
<br />by the construction of a sanitary sewer, p~nping station and force main,
<br />together with curb connections therefore and other necessary appurtenm~ces
<br />thereto; and
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is ~ emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that to enable the City to
<br />enter into construction contracts to provide the improvements described
<br />herein the issuance and sgle of the notes herein authorized are i~ediately
<br />necessary to protect the health and property of the abutting owners and
<br />the inhabitants of the City by providing s~itary sewerage service to an
<br />unsewered are~ of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />L~kew~od, Cuyahoga County, Ohio:
<br />
<br /> Section 1.~ 'That it is hereby ~eclared necessary to issue' bonds
<br />of the City of Lmkewood in the principal s~m of $85,000 for the~purpose
<br />of paying the property owners' portion, in ~ticipationof the collection
<br />of special assessments, and the City's portion of the cost of improving
<br />a certain easement of the City of Lakewood along a ~rivately owned ready, ay
<br />in Clifton Park Lagoon commonly known as Beach Road by the construction
<br />of a sanitary sewer, pumping station and force main, together with curb
<br />connections therefore and other nebessary appurtenances thereto, between
<br />the termini and in the manner provided in Ordinance No. 63-70
<br />p~sed November 16, l~Y0. Of said amount the City's portion is $1,700,
<br />and the property oyners' portion is ~83,300.
<br />
<br /> Section 2. That said ~onds shall be dated approximately
<br /> November l, 19y1, shall bear interest at the estimated rate Of. six per
<br /> centum (6~) per annum, payable semi.annually, until the principal s~m is
<br /> paid,' and shall'mature iD ten substantially equml ~mual installments after
<br /> their issuance.
<br />
<br /> Section 3. That for the purpose~of raising money in anticipation
<br /> of the collection of special assessments and of the iszuance of the aforesaid
<br />°bonds for thc above described improvements, it is hereby declared necessary
<br /> to issue and there shall be issued notes in the principal ~mount of $85,090.
<br />
<br /> . Section )~. That said notes shall be executed and issued at such
<br />time or times as may be found by the Director of Finance of this City to
<br />~e necessary-to meet the obligations incurred by this Council for the ~mprovemcnts
<br />referred to in Sections 1 and 2 hereof; such notes shall be executed in
<br />a series and in such n~nber 'and denominations as determined by the Director
<br />
<br />
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