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ORDINANCE Il0. 48-72 Messrs. Graber, Kelley, McBrid
<br />
<br /> BY: Magnotto, Usher, Wendling,
<br /> Brockman
<br />
<br /> A2~ ~.~RGENCY 0PDINAI~CE to provide for the issuance of notes in
<br />anticipation of the levy of suecial assessments and in anticipation of the
<br />issuance of bonds to pay the property owners' and the City's portion of the
<br />cost of improving certain streets in the City of L~.kewood, Ohio, by the
<br />necessary grading of the base, resurfacing with asphaltic concrete includ-
<br />ing the necessary replacement and resetting of castings and the necessary
<br />resetting and replacing of curbs together with the necessary appurtenances
<br />thereto.
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by pro-
<br />per legislation determined to proceed with the improvement of the streets
<br />hereinafter designated by the necessary grading of the base, resurfacing
<br />with asphaltic concrete including the necessary replacement and resetting
<br />of castings and the necessary resetting and replacing of curbs together
<br />with necessary appurtenances thereto; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 2h-70 passed on April 20, 1970 a note in the amount of $100,000 to pay
<br />the costs of said improvements which note matured on June 18, 1971; and
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br /> No. ]1-?1 passed on June 21, 1971 a note in the amount of $~8,760 to renew
<br /> the unpaid balance of the aforesaid note which note will mature on June 23,
<br /> 1972; and
<br />
<br /> W~EREAS, there is now available moneys to reduce said note in princi-
<br /> pal amount to $~1,088; and
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected
<br /> thereto determines that this ordinance is an emergency measure which is
<br /> necessary for the immediate issuance and sale of the notes herein ~_uthorized
<br /> to enable the City to enter into construction contracts to provide the im-
<br /> provements described herein ~hich are urgently required to elimin~~~e exist-
<br /> ing hazards to vehicular traffic using the streets of this City;
<br />
<br /> NOW, .THEREFOr, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br /> the City of Lakewood in the principal amount of $D1,088 for the purpose of
<br /> paying the property owners' portion, in anticipation of the collection of
<br /> special assessments, and the City's portion of the cost of improving Belle
<br /> Avenue, Ethel Avenue, Gridley Street, Halste~d Street, Rio Street, Robinwood
<br /> Avenue and Scenic Street by the necessary .~rading of the base, resurfacing
<br /> with asphaltic concrete, replacing and resetting of curbs together with the
<br /> necessary appurtenances thereto, between the termini and in the manner pro-
<br /> vided in Resolutions Nos. 47D6, 47~8, ~7~9, 4760, ~761, 4762, and H76~, passed
<br /> February 16, 1970. Of said amount the City's portion is $40,800 and the pro-
<br /> perty owners' portion is $10,288.
<br />
<br /> Section 2. That said bonds shall be dated approximately June 1,
<br /> 1973, shall be~r interest at the estimated rate of six per centum (6%) per
<br /> annum, payable semi-annually, until the principal sum is paid, and shall ma-
<br /> ture in five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation
<br /> of' the levy and collection of special assessments and of the issuance of the
<br /> aforesaid bonds for the above described improvements, it is hereby declared
<br /> necessary to issue and there shall be issued notes in the aggregate principal
<br /> amount of $~1,088. -
<br /> Section ~. That said notes shall be executed in a series and in
<br /> such a number and denomination as determined by the Director of Finance;
<br />
<br />
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