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ORDINANCE NO. 24 -75 By:
<br />
<br />Messrs..Magnotto, McBride, Sinagra, Usher,
<br />Brockman, Chinnock, Graber
<br />
<br /> AN Eb~RGENCY OI~INANCE to provide for the issuance of bonds in anticipation
<br />· of the collection of special assessments heretofore levied to.pay'the property owners
<br /> portion of the cost of improving a certain easement of the City of Lakewood along a
<br /> privately owned roadway in Clifton Park Lagoon conunonly kno~ as Beach Road by the
<br /> construction of a sanitary sewer, pumping station and force main, together with
<br /> curb connections therefor and other necessary appurtenances thereto.
<br />
<br /> ..WHEREAS, tile Council has heretofore requested the Director of Einance to
<br />issue his certificate as to the estimated life of the improvement and thc maximum
<br />maturity of the bonds hereinafter referred to, and the Director of Finance has
<br />certified to this Council such estimated life as exceeding five years and has further
<br />certified the maximum maturity of such ~onds as forty years; ..
<br />
<br /> WHEREAS, this Co~nci! has heretofore by proper legislation adopted in 1970
<br />determined to proceed with t~e improvement of a certain easement hereinafter designated
<br />by the construction of a sanitary sewer, pumping station and force main, together
<br />with~curb connections therefor and other necessary appurtenances thereto; and
<br />
<br /> ~{EREAS, pursuant to Ordinance Nos. 64-70, 38-72, 43-73 and 32-74 passed
<br />by this Council on November 15, 1970, April 17, 1972, April 2, 1973 and April 15, 1975
<br />respectively, notes were issued for the purpose hereinafter stated, the currently out-
<br />standing note being in the principal amount of $19,287, being dated April 17, 1974,
<br />and said outstanding note is about to mature; and
<br />
<br /> WHEREAS, there is now available the sum of $2,410 which is to be applied to
<br />the retirement of said outstanding note; and
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health and safety and for the
<br />further reason that the immediate issuance and sale of the bonds herein authorized is
<br />necessary to enable the City to preserve its credit by retiring at maturity the out-
<br />'standing note which is about to mature;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga
<br />County, Ohio: ~
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of the City
<br />of Lakewood in the princii~al sum of $16,877 in anticipation of tile collection of
<br />special assessments heretofore levied to pay the property owners' portion of the
<br />cost of improving a certain easement of the City of Lakewood along a privately owned
<br />roadway in Clifton Park Lagoon commonly known as Beach Road by the construction of a
<br />sanitary sewer, pumping station'and force main, together with curb connections therefor
<br />and other necessary appurtenances thereto, between the termini and in the manner pro-
<br />vided in Ordinance No. 63-70 oassed November 16. !970.
<br />
<br /> Section 2. Said bonds shall be issued in the principal amount of $16,877;
<br />shall be dated April 1, 1975, shall be issued in tile denomination of $1,000 each,
<br />except bond No. 1 which shall be in the denomination of $877; shall be numbered from
<br />1 to 17, both inclusive, and shall bear interest at thc rate of five & one half pc%~ntum
<br />per annum, payable on the first day of June, 1975 and semi-annually thereafter on
<br />the first days of June and December of each year until tile principal sum is paid, as
<br />evidenced by the coupons attached thereto; provided, however that if the bonds are sold
<br />bearing'a different rate of interest than herein specified, such bonds shall bear such
<br />rate of 'interest as may be provided in the resolution of Council approving the award
<br />thereof. Such bonds shall mature in\their consecutive serial order as follows:
<br />
<br />$3,877 on December 1, 1976, and .
<br />$3,000 on December 1, 1977, and
<br />$2,000 on December 1 in each of the years from 1978 to 1982, inclusive,
<br />
<br />
<br />
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