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ORDINANCE NO. 36-82 <br /> <br />By: Brown, Chinnock, Gallagher, <br /> Salmon, Wendling <br /> <br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of <br />the City of Lakewood, Ohio, in anticipation of the levy of special <br />assessments and in anticipation of the issuance of bonds to pay the <br />property owners' portion and the City's portion of the cost of improving <br />certain streets in the City of Lakewood, Ohio, by the removal, where <br />necessary, of the existing surface course, by grading and replacement, <br />where necessary, of the base, and by resurfacing with asphaltic concrete <br />including the necessary replacement and resetting of castings together <br />with the necessary appurtenances thereto. <br /> <br /> WHEREAS, the Director of Finance, as fiscal officer, has <br />certified to this Council that the estimated life of the improvement <br />hereinafter mentioned is at least five (5) years and has further certi- <br />fied the maximum maturity of the hereinafter mentioned bonds is five (5) <br />years and that the maximum maturity of notes issued in anticipation of <br />said bonds is five (5) years from the date of issuance of the original <br />notes, or one (1) year if sold privately; and <br /> <br /> WHEREAS, this ordinance is an emergency measure which is <br />necessary for the immediate preservation of the public peace, property, <br />health, safety and welfare in the City and for the further reason that <br />the immediate issuance and sale of the notes herein authorized is neces- <br />sary to provide funds to eliminate, existing hazards to vehicular traffic <br />using the streets of the City; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED by the C~ty of Lakewood, <br />Cuyahoga County, Ohio: <br /> <br />Section 1. That it is hereby declared necessary to issue <br />bonds of the City of Lakewood in the principal amount of $400,000 for <br /> <br /> <br />