32-74 BAN - owners portion to improve Beach Rd in Clifton Park Lagoons

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BY: oRDINANCE NO. AN EMERGENCY ORDINANCE 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 road- way in clifton Park L~goon commonly known as Beach Road by the construc- tion of a sanitary sewer, pumping station and force main, together with curb connections therefor and other necessary appurtenances thereto. WHEREAS, the CoUncil has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- meut and the maximum maturity of the bonds hereinafter referred to and of the note to be issued iu anticipation of said bonds, and the Director of Finance has certified to this council such estimated life as exceed- ing 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 with the improvement of a certain easement hereinafter designated by the construction of a sanitary sewer, pumping station and force main, together with curb connections therefor and other necessary appurtenances thereto; and Wt~REAS, pursuant to ordinance Nos. 6~-70, 38-72, and passed by this council on November 15, 1970, April 17, 197~, and April es were issued for the purpose hereinafter stated, 2, 1973 respecti~e~Y,_~o~ note being in the principal amount ?f_$21~ur~ e currently ou~s~an~m~ .... +~i ~ note is about ~o ma ; th .... ~ 1~3, and s~id ou ....... n~ being dated Apr~z ~{, and WHEREAS, there is now available the sum of $2,~10 which is to be applied to the retirement of the outstanding $21,697 note dated April 17, 1973; and W~REAS, this Councilby two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that'the immediate issuance and ssle 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 m~ture. NOW, THEREFORE, BE IT ORDAINED by the Council cf the City of Lakewood, Cuyahoga county~ Ohio: Section 1. That it is hereby declared necessary to issue bonds of the Cit~ of L~ood in the principal sum of $19,257 in anticipation of the collection of special assessments for the purp°se of paying 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 commonly known as Beach Road by the construction of a sanitary sewer, pump. ing station and force main, together with curb connections therefor and other necessary appurtensnces thereto, between the termini and in the mann~ provided in Ordinance No. 63-70 passed November 16~ 1970. Section 2. That said bonds shall be dated approximately April 1 1975, shall bear i~terest at the estimated rate 'of six per centum (6~) per annum~ payable semi-annually~ un~t~the principal sum is paid, and shall mature in ten substantially equal annual installments after their issuance