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ORDINANCE NO. 57-75
<br />
<br />Messrs. Sinagra, U.sher, Brockman, Chinnock,
<br /> Graber, Magnotto, McBride
<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, reSurfacing 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 /> ~{EREAS, the Council of the City of Lakewood has heretofore by
<br />proper legislation determined to proceed with the improvement of the streets
<br />hereinafter designated by the necessary grading of the base, resurfacing
<br />with asphaltic concrete including the necessary replacement and resetting
<br />of castings and the necessary resetting and replacing of curbs together
<br />with necessary appurtenances thereto; and
<br />
<br /> ~tEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 70-74 Passed on September 16, 1974 a note in the amount of $31,810 to
<br />pay the costs of said improvements which note remains outstanding; and
<br />
<br /> I~EREAS, there is now available moneys to reduce said.note in
<br />principal amount to $26,499; and
<br />
<br /> WHEREAS, 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 nec~~to issue bonds
<br />of the City of Lakewood in the principal amount of~$26,49~for the purpose
<br />of paying the property owners' portion, in anlticipa~i~-h~of the collection
<br />of special assessments, and the City's portion of the cost of improving
<br />Cedarwood Avenue, Clarence Avenue, Fries Avenue, Nelson Street, and Park-
<br />wood 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 in
<br />Resolutions Nos. 4881 to 4885, both inclusive, adopted May 1, 1972. Of
<br />said amount the City's portion is $23,429 and the property owners' portion.
<br />is $3,070.
<br />
<br /> Section 2. That said bonds shall be dated approximately Septem-
<br />ber 1, 1980, 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 principal
<br />sum is paid, and ~hall 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 $26,499.
<br />
<br /> Section 4. That said note shall bear interest at the rate of
<br />six per centum (6%) per annum, payable annually on September 12 until
<br />maturity, shall be dated September 12, 1975, and shall mature on or be-
<br />fore September 12, 1980.
<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 />
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