43-73 BAN - owners portion - improve easement - Beach Rd- Clfiton Park Lagoons

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ORDIi.I~2;CE I~O. 43-73 Messrs. Brockman, Magno McBride, Usher, Werner BY: ~ Eb~GEi.;CY 0RDIH~fCE to provide for the issuance of a note in anticipation of the issuance of bonds and the collection of special assessments to pay the property owners' portion of the cost of improving a certain easement of the City 'of Lakewood along a privately owned roadway in Clifton Park Lagoon commonly known as Beach Road by the construction of a sanitary sewer, put, ping station and force main, together with curb connections therefor and other neces- sary appurtenances thereto. ¥~EREAS, the Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improvement and the maximum maturity of the bonds hereinafter referred to and of the note to be issued in ~nticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as forty years and of such note as five years, or one year if sold privately; and WHEREAS, this Council has heretofore by proper legislation adopted in 1970 determined to proceed ~th the in~provement of a certain emsement here- inafter designated by the construction of a sanitary sewer, p~mping station and force main, together ~th ct~b connections therefor and other necessary appurtenances thereto; and WHEREAS, pursuant'to Ordinance Nos. 6h-70 and 38-72; passed by this Council on I'~ovember 15, 1970 and April 17, 1972, respectively, notes were issued for the purpose hereinafter stated, the currently outstanding nOte being in the principal amount of $53,520, being dated April 17, 1972, and said out- standing note is about ~o mature; and ..... '?i~~ WHEREAS, there is now available the sum of $31,823 'which is to be applied to the retirement of the outstanding $53,520 note dated April 17, 1972; and ~, this Council by two-thirds vote of the members 'e~ected thereto' determines that this ordinance is an emergency measure which is neces- sary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to enable the City to preserve its credit by retiring at maturity the outstanding note which is about to mature; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of L~d~ewood, Cuyahoga County, Ohio: Section 1. That it'is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $21,697 in anticipation of the collection of special assessments for the purpose of paying the property owners' portion of the cost of improving a certain easement of the City of Lakewood along a privately owned road~y in Clifton Park Lagoon commonly kno~m as Beach Road by the construction of a sanitary sewer, pumping station and force main, together with curb connections therefor and other necessary appurtenances thereto, between the termini and in the mmuner provided in Ordinance No. 63-70 passed Hovember 16, 197~. . Section 2. That smid bonds shall be dated approximately April l, 197~, 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 ten substantially equal annual installments after their issuance. Section 3.' That for the purpose of raising money in anticipation of the collection of special assessments and of the issuance of the aforesaid bonds for the above described improvement, it is hereby declared necessary to issue ~md there shall be ~ssued ~ note ~n the ]~rinci]x'~l ~ount of $2] ~(;9'F.