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ORDINANCE NO. 38-82 <br /> <br />By: Brown, Chinnock, Gallagher, <br /> Graham, 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 thenecessary grading <br />and replacement of the base, resurfacing with asphaltic concrete includ- <br />ing the necessary replacement and resetting of castings together with <br />the necessary appurtenances thereto. <br /> <br /> WHEREAS, pursuant to Ordinance No. 39-81, passed May 4, 1981, <br />this Council authorized the issuance of notes in anticipation of the <br />issuance of bonds in the principal amount of $350,000 for the purpose <br />hereinafter stated, which notes were dated June 22, 1981 and will mature/ <br />on June 21, 1982; and <br /> <br /> WHEREAS, the amount of $70,000 is now available to apply <br /> against the principal of said notes and that after the application of <br /> said $70,000 to the payment thereof, the remaining outstanding principal <br /> amount of said notes (to-wit, $280,000) shall be funded by the issuance <br /> of new notes in anticipation of the issuance of bonds for the purpose <br /> hereinafter stated; and <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 /> <br />