37-82 Porperty owners portion - streets - BAN

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ORDINANCE NO. 37-82 By: Brown, Chinnock, Gallagher, Graham, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the levy of special assessments and 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 the necessary grading and replacement of the base, resurfacing with asphaltic concrete includ- ing the necessary replacement and resetting of castings together with the necessary appurtenances thereto. WHEREAS, pursuant to Ordinance No. 33-80, passed May 5, 1980, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $360,000 for the purpose hereinafter stated, which notes were dated 3uly 1, 1980 and matured on July 1, 1981, which notes were retired with funds of the City in the amount of $45,000 and with the proceeds of notes in the principal amount of $315,000 authorized by Ordinance No. 55-81, passed 3une 15, 1981, which notes are dated 3uly 1, 1981 and will mature on July 1, 1982; and WHEREAS, the amount of $95,000 is now available to apply against the principal of said notes and that after the application of said $95,000 to the payment thereof, the remaining outstanding principal amoun? of said notes (to-wit, $220,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, the Director of Finance', as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is five (5)