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ORDINANCE NO. 67-73
<br />
<br />By: Messrs. Brockman, Graber, Magnotto,
<br /> McBride, Sinagra, Usher, Werner
<br />
<br /> AN E,~RGENCY ORDINANCE to provide for the issuance of a note in
<br />· anticipation of the collection of special assessments and in anticipation
<br />of the issuance of bonds to pay the property owners' portion of the cost of
<br />improving certain streets in the City of Lakewood, Ohio, by the necessary
<br />grading of the base, resurfacing with asphaltic co~crete including the nec-
<br />essary replacement and resetting of castings and the necessary resetting
<br />and replacing of curbs together with necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by
<br />proper legislation adopted in 1969 determined to proceed with the improvement
<br />of the streets hereinafter designated by the necessary grading of the base,
<br />resurfacing with asphaltic concrete including the necessary replacement and
<br />resetting of castings and the necessary resetting and replacing of curbs
<br />together with~necessary appurtenances thereto; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 6h-72 passed on October 2,'1972 a note to pay the costs of said improve-
<br />ments; and
<br />
<br /> WHEREAS, there is now available moneys to reduce said note in
<br />principal amount to $~,612; and ~.
<br /> WHEREAS, th~sCouncil by%wo-thirds vote of the members elected
<br />thereto determines that this~ordinance is an emergency measure which is nec-
<br />essary for the immediate issuance aud sale of the note herein authorized to
<br />enable the City to preserve its credit by renewing the portion of the out-
<br />standing note which can not be retired at maturity;
<br />
<br /> NOW, T~ZREFORE, 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
<br />of the City of Lakewood in the principal amount of $h,612 for the purpose
<br />of paying the property owners' portion, in anticipation of the collection
<br />of special assessments, of the cost of improving Bonnie View Avenue, Dowd
<br />Street, Edwards Avenue, Magee Street, Marlow Avenue, Quail Street, Ramona
<br />Avenue, ~nd Summit Avenue by the necessary grading of the bas~, resurfacing
<br />with asphaltic concrete, replacing and resetting of curbs%ogetherwith the
<br />necessary appurtenances thereto,, between the termini and in the manner provided
<br />in Ordinance Nos. 28-69 to 36-69, inclusive, May 5, 1969.
<br />
<br /> Section 2. That Said bonds shall be dated approximately July 1,
<br />197~, shall bear interest at the estimated rate of six per centum (6%) per
<br />annum, payable semi-annually, until the principal sum is paid and shall mature
<br />in five substantially equal installments after their issuance.
<br />
<br /> S~ction 3. That for the purpose of raising money in anticipation
<br />of the collection of special assessments and of the issuance of the aforesaid
<br />bonds for the above described improvements, it is hereby declared necessary
<br />to issue and there shall be issued a note in the principal amount of $~,612.
<br />
<br /> Section 4. That said note shall bear interest at a rate not to
<br />exceed seven percentum (7%) per annum, payable at maturity, and at a rate
<br />not to exceed eight percentum (8%) per annum after maturity, shall be
<br />dated the date of issuance and shall mature on or before one year from
<br />that date.
<br />
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