92-81 Property owners portion of breakwall - BAN

Home Browse Search

ORDINANCE NO. 92-81 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendlina By: AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the levy and collection of special assessments and in anticipation of the issuance of bonds to pay the property owners' portion of the cost of improving an easement in the City of Lakewood by constructing therein a concrete modular breakwall and shore return at each termination of the breakwali together with neces- sary appurtenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of an easement in said City by constructing therein a concrete modular breakwall and shore return at each termination of the breakwall together with neces- sary appurtenances; and WHEREAS, the Director of Finance as fiscal officer, has certi- fied to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of the hereinafter mentioned bonds is ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is five (5) years or one (1) year if sold privately; 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 immediate preservation of the public peace, property, health and safety and for the further reason that the improvement herein described is immediately necessary to protect the property and health of the residents of the City which is endangered by the continuing erosion of the Lake Erie shoreline which undermines houses, water lines, sanitary sewers and streets; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the p~incipal amount of $25,000 in anticipation of the levy and collection of special assessments for the purpose of pay- ing the property owners' portion Of the cost of improving the municipal easement described in Resolution No. 5602 adopted September 21 , 1981, by constructing therein a concrete modular breakwall and shore return at each termination of the breakwall together with necessary ap- purtenances thereto. Section 2. That said bonds shall be dated approximately September 1, 1982, shall bear interest at the estimated rate of twelve per centum (52%) per annum, payable semi-annually, until the principal sum is paid, a~,.d shall mature in ten (10) substantially equal annual install- ments mi t~r their issuance. ~ection 3. That it is necessary and this Council hereby deter- mines the ~otes in the principal amount of $25,000 shall be issued in anticipat~° of the issuance of said bonds.