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ORDINANCE NO. 87-82
<br />
<br />By:Brown, Chinnock, Gallagher,
<br /> Graham, McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $236,000
<br />boHds of the City of Lakewood, Ohio, for the purpose of paying the
<br />property owners' portion, in anticipation of the levy and collection of
<br />special assessments of the cost of improving the municipal easements
<br />described in Resolution Nos. 5577 and 5602, adopted by the City Council
<br />on June 15, 1981, and September 21, 1981, respectively, by constructing
<br />thereon breakwalls with concrete modules and end returns together with
<br />the necessary appurtenances thereto.
<br />
<br /> WHEREAS, there are presently outstanding S200,000 1981 Break-
<br />wall Bond Anticipation Notes - 1982 Renewal (the "Renewal Notes") issued
<br />pursuant to Ordinance No. 59-82, which Notes are dated July 28, 1982 and
<br />will mature on December 14, 1982, which Renewal Notes were issued to
<br />retire notes in the principal amount of $200,000 (the "1981 Notes"),
<br />which 1981 Notes were issued pursuant to Ordinance No. 54-81; and
<br />
<br /> WHEREAS, there is presently outstanding a S50,000 Breakwall
<br />.Kote (the "1982 .Kote ) issued pursuant to Ordinance No. 111-81, which
<br />1982 .Kote is dated January 12, 1982 and wil5 mature on January 12, 1983;
<br />and
<br />
<br /> WHEREAS, this Council has determined it necessary to issue the
<br />bonds herein authorized to provide funds to retire the Renewal Notes and
<br />the 1982 Note at maturity; and
<br />
<br /> WHEREAS, the amount of S14,000 is now available to apply
<br />against the aggregate of the principal of the Renewal Notes and the 1982
<br />Note and that after the application of said $14,000 to the payment
<br />thereof, the aggregate of the remaining principal of the Renewal Notes
<br />and the 1982 Note (to-wit $236,000) shall be funded by the proceeds of
<br />the sale of the bonds; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to the maximum maturity of the bonds proposed to be issued and
<br />as to the estimated life of the improvements so constructed; and
<br />
<br /> WHEREAS, this Council by two-thirds (2/3) vote of the members
<br />elected thereto determines that this ordinance is an emergency measure
<br />which is necessary for the immediate preservation of the public peace,
<br />property, health, safety and welfare and for the further reason that the
<br />immediate issuance and sale of the bonds herein authorized is necessary
<br />to enable the City to retire the outstanding.Renewal Notes and 1982 Note
<br />at maturity and thereby preserve the City's credit;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of S236,000 for the purpose
<br />of paying the property owners' portion, in anticipation of the levy and
<br />collection of special assessments, of the cost of improving the municipal
<br />
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