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ORDI N,kNCE NO. 54-74
<br />
<br />By: Usher, Brockman, .Graber, Magnotto,
<br /> McBride, Sinagra
<br />
<br /> AN EHF. RGENCY ORDI:;ANCE to provide for thc :issuance of notes in
<br />anticipation of t:he issuance of bonds and the collezt'~on of speeJal assess-
<br />merits to Pay the property Ok, hers' portion and the City':; port'~on of the cost
<br />of improving certain streets by the necessary grading of the base, resur-
<br />facing with asphaltic concrete ~c].ud~ng the nc:'.es~;ary rtq~l;~cement and
<br />resetting of castings and the necessary resetting and replacing of curbs
<br />together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Council of the City of Lakcwood has heretofore by
<br />proper legis.lation determined to proceed with the 'improvement of the streets
<br />hereinafter designated by tile necessary grading of the ba.qe, rcm, rfacJng
<br />with asphaltic cohere, re including thc necessary replacement and resetting
<br />of castings and tile necessary resetting and replacing of curbs together with
<br />necessary appurtenances thereto; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 24-70 passed on April 20, 1970 a note in the amount of $100,000 to pay
<br />the costs of said improvements which matured on June 18, 1971.; and
<br />
<br /> WttEREAS, there has heretofore been issued t)ursuant to Ord2nance
<br />No. 51-71 passed on June 21, 1971. a note in the amount of $58,760 to renew
<br />the unpaid balance of the aforesaid note which note ma~ured on June 23,
<br />1972, and
<br />
<br /> ~tEREAS, there has !mretofore been issued pursuant to Ordinance
<br />No. ~8-72 passed on June 19, 1972 a note in the amount of 551,088 tc renew
<br />tile unpaid'balance of the aforesaid note which note matured on June 23
<br />1973; and '
<br />
<br /> WtIEPJ{~IS, there has heretofore been issued pursuant to Ordinance
<br />No. 56-73 passed on June 18, 1973 a note in tile amount of $43,416 to renew
<br />the unpaid balance of the aforesaid note which note will mature June 25
<br />1974; and '
<br />
<br /> ~qiEREAS, there is now available moneys to reduce said note in
<br />principal amount to $35,744; a~d
<br />
<br /> IfllEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines t:hat tMs ordSnance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that thc ~mmcdiatc issuance
<br />and sa'lc of the note herein authorized is necessary to cnab].c the City to
<br />retire at maturity t:he outstanding note and ttmreby preserve the City's
<br />credit;
<br />
<br /> NOW, TIlERt';FORE, BE 11' RESOLVED by the City of Lakewood, Cuyahoga
<br />County, Ohi. o:
<br />
<br /> Section l'. Thz~t it Js hereby dcclarr,d n('ce.~;sary to :i.s,xue bonds
<br />of the City of [,;~l<ewood in the princilml amount of $35,7'44 for the purp(~;e
<br />of paying the property ownt;rs' portion, in anticipation of the collection
<br />of ~:p('('i;~[ ;lggt,~i:.lpl(,lltS4 ;~nd the CJty'n p~rti(,n of the r'(~;t of improving:
<br />Belle Avtmuc, 15tht'l'Avt'nue, (;ridley Street, llal~-;te;ld Street, Rio Street,
<br />
<br />
<br />
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