|
ORDINANCE NO. 56-75
<br />
<br />Messrs. McBride, Sinagra, Usher, Brockman, Chinnock
<br /> Graber, Magnotto
<br />
<br /> AN EMERGENCY 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 and the City's
<br />portion of the cost of improving certain streets in the City of Lakewood,
<br />Ohio, by the necessary grading of the base, resurfactng with asphaltic con-
<br />crete including the necessary replacement and resetting of castings and
<br />the necessary resetting and replacing of curbs together with necessary ap-
<br />purtenances thereto.
<br />
<br /> I~tEREAS, the Council of the City of Lakewood has heretofore by
<br />proper legislation adopted in 1971 determined to proceed with the improve-
<br />ment of the streets hereinafter designated by the necessary grading of
<br />the base, resurfacing with asphaltic concrete including the necessary
<br />replacement and resetting of castings and the necessary resetting and
<br />replacing of curbs together with necessary appurtenances thereto; and
<br />
<br /> ~IEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 71-74 passed on September 16, 1974 a note in the amount of $35,130 to
<br />pay the costs of said improvements which note remains outstanding; and
<br />
<br /> ~tEREAS, there is now available moneys to reduce said note in
<br />principal amount to $29,185; and
<br />
<br /> ~tEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance 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 the immediate issuance
<br />and sale of the note herein authorized is necessary to enable the City to
<br />retire the outstanding note and thereby preserve the City's credit;
<br />
<br /> NOW, THEREFORE, 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 $29,185 for the purpose
<br />of paying the property owners' portion, in anticipation of the collection
<br />of special assessments, and the City's portion of the cost of improving
<br />Archdale Avenue, Cook Avenue, Edgewater Drive, Ferndale Avenue and Frank-
<br />lin Avenue by the necessary grading of the base, resurfacing with asphal-
<br />tic concrete, replacing and resetting of curbs together with the necessary
<br />appurtenances thereto, between the termini and in the manner provided
<br />in Resolutions Nos. 4821 to 4825, both inclusive, adopted April 5, 1971.
<br />Of said amount the City's portion is $25,885 and the property owners'
<br />portion is $3,300. - ~
<br />
<br /> Section 2. That said bonds shall be dated approximately Septem-
<br />ber 1, 1979, shall bear interest at the estimated rate of six and one-half
<br />per centum (6-1/2%) per annum, payable semi-annually, until the princiDal
<br />sum is paid, and shall mature in five substantially equal annual install-
<br />ments after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation
<br />of the collection of special assessments and of the issuance of the afore-
<br />said bonds for the above described improvements, it is hereby declared nec-
<br />essary to issue and there shall be issued a note in the principal amount
<br />of $29,185.
<br />
<br /> Section 4. That said note shall bear interest at the rate of
<br />six per centum (6%) per annum, payable annually on October 1 until matur-
<br />ity, shall be dated October 3 , 1975, and shall mature on or before Octo-
<br />ber 1, 1979.
<br />
<br /> Section 5. That such note shall be executed by the Mayor and
<br />Director of Finance and bear the seal of the corporation, shall be payable
<br />at the office of the Director of ~Finance, City Hall, Lakewood, Ohio, and
<br />shall express upon its face the purpose for which it is issued and that it
<br />is issued pursuant to this ordinance.
<br />
<br />
<br />
|