73-73 BAN - storm sewer on Robinwood

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ORDINANCE NO. .73-73 .By: Messrso McBride, Singara, Usher, Werner, Brockman, Graber, Magnot AN ES~RGENCY.ORDIN~NCE to provide for the issuance of a note of the City of Lakewood, Ohio, in anticipation.of the issuance of bonds to pay the costs of replacing and reconstructing a portion of the Robinwood Avenue storm sewer between Franklin Boulevard and Detroit Avenue. W~{EREAS, this Council has heretofore requested the 'Director of Finance to issue his certificate as to the estimated life of the improve- ment and the maximum maturity of the bonds hereinafter referred to and of the notes to be issued in anticipation 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 from November 17, 1969, or one year if sold privately; and WHEREAS, the City has heretofore authorized, sold and delivered its note in the principal amount of $14,000 for the purpose hereinafter stated, which note will mature On November 17, 1973; and WHEREAS, there is now available the sum of $7,000 to retire a portion of the principal sum of such maturing note; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate issuance and sale of-the note herein author- ized to enable the City to retire the outstanding hote of the City which is about to mature and thereby preserve the credit of the City; NOW, THEREFORE, BE IT RESOLVED by the Council of 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 $7,000 for the purpose of paying the costs of replacing and reconstructing a portion of the Robbnwood Avenue storm sewer between Franklin Boulevard and Detroit Ave- hue, Section 2. That said bonds shall be dated approximately Novem- ber 1, 1974, shall bear interest at the rate of five and one-half per centum (5-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in forty substantially equal annual installments after the£r issuance. Section 3. That it is necessary and this Council hereby deter- mines that a note in the principal amount of $7,000 shall be issued in an- ticipation of the issuance of said bonds and to retire the outstanding note. Section 4. Th'at such anticipatory note in the amount aforesaid shall bear interest at the rate of four and ninety-five one-hundredths per centum (4.95%) per annum, such interest to be payable at maturity. Such note shall be dated November 16, 1973, and shall mature on'or before one year from said date. Section 5. That such note shall ~e executed by the Mayor and Director of Finance and bear the seal of the'corporation. It shall be pay- able at the office of the Director of Finance of the City of Lakewood, City Hall, Lakewood, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance'.