63-72 BAN owners portion - improve streets

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ORDINANCE NO. 63-72 Messrs. Magnotto, McBrl Usher, Wendling, Werne~ BY: Brockman, Graber' AN ~4ERGENCY ORDINanCE to provide for the issuance of a note in anticipation of the levy of special assessments and in anticipation of the issuance of bonds to pay the property owners' portion of the cost of improv- ing certain streets in the City of Lakewood, Ohio, by the necessary grading of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and re- placing of curbs together with necessary appurtenances thereto. WHERFAS, the Council of the City of LakewoOd has heretofore by pro- per legislation adopted in 1968 determined to proceedwith the improvement of the streets hereinafter designated by the necessary grading of the base, re- surfacing with asphaltic concrete including the necessary replacement and re- setting of castings and the necessary resetting and replaCing of curbs together with necessary appurtenances thereto; and WHEREAS, there has heretofore been issued pursuant to Ordinance NO. 56-.?1 passed on July 6, 1971 a note to p~r the costs of said improvements; WHEREAS, there is now available mo4eys to reduce said note in prin- cipal amount to $5,370; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is ~ emergency measure' which is nec- essary for the immediate issuance and'sale of the note herein authorized to enable the City to preserve its credit by renewing the portion of the out- standing note which can not be retired at maturity; NOW, THEREFORE, BE IT ORDAINED, by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $5,370 for the purpose of pay- ing the property owners' portion, in anticipation of the collection of special assessments, of the cost of improving Beach Avenue, Brockley Avenue, Cranford Avenue, Crest Lane, Fry Avenue, Lakewood Avenue, Mars Avenue, Rockway Avenue, and Wayne Avenue and the City's portion of improving Highland Avenue by agree- ment with Cuyahoga County by the necessary grading of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary replacing and resetting of curbs together with the necessary appurtenances thereto, between the termini and in the manner pro- vided in Ordinance Nos. 29-68 to 37-68, inclusive, passed May 6, 1968 and Ordinance No. 48-67 passed July 17, 1967. Section 2.' That said bonds shall 'be dated approximately July 1, 1972, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal installments after their issuance.