39-81 Property owners portion - improve streets BAN

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ORDINANCE NO. 39-81 BY: Brown, Gallagher, Graham, McBride, Salmon, Wendlin9 AN EMERGENCY ORDINANCE to provide for the issuance of notes in anticipation of the issuance of bonds to pay the property owners' portion and the City's portion of the cost of improving certain streets in the City of Lakewood, Ohio, by grading and replacement of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings together with the necessary appurtenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of the streets hereinafter designated by the necessary grading and replacement of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings together with necessary appurtenances thereto; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the j~m-diate issuance and sale of the notes herein authorized to enable the City to enter into construction contracts to provide the im- provements described herein which are urgently required to eliminate exist- ing hazards to vehicular traffic using the streets of this City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of ~kkewood, Cuyahoga County, State of Ohio, three-fourths of all members elected thereto concurring: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $350,000 for the purpose of paying the property owners' portion and the City's portion of the cost of improving: Athens Avenue from Warrem Road to Brown Road; Williamson Avenue from Hird Avenue to Idlewood Avenue; Cohassett Avenue from Detroit Avenue to Madison Avenue; Seneca Avenue from Ogontz Avenue to its eastern terminus; Emerson Avenue from Jackson Avenue to Nicholson Avenue; Waterbury Road from Lewis Drive to Franklin Boulevard; Cove Avenue from Clifton Road to Lake Avenue; Woodward Avenue from Delaware Avenue to North Marginal Road; Arliss Drive from Cove Avenue to the cul-de-sac; and Carabel Avenue from Madison Avenue to Lakewood Heights Boulevard, by the necessary grading and replacement of the base, resurfacing with asphal- tic concrete including the necessary replacement amd resetting of castings together with the necessary appurtenances thereto~ in the manner provided in Resolution No. 5548, adopted April 6, 1981. Of said amount, the City's por- tion is $221,768.45 and the property owners' portion is $128,231.55. Section 2. That said bonds shall be dated approximately June 1, 1982; shall bear interest at the estimated rate of nine per centum (9%) per annum, payable semi-annually~ until the principal sum is paid, and shall mature in five substantially equal annual installments after the issuance thereof. Section 3. That for the purpose of raising money in anticipation of the levy and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, it is hereby declared necessary to issue and there shall be issued notesin the aggregate principal amount of $350,000. Section 4. That said notes in the amount aforesaid shall be dated the date of their issuance, and shall mature one year from said date, with an option in the City to redeem such notes prior to maturity if satisfactory