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ORDINANCE NO. 97-82 By: Brown, Gallagher, Graham, McBride, Salmon, Wenl ding AN EMERGENCY ORDINANCE to amend Ordinance No. 87-82 and to provide for the award of $215,000 bonds of the City of Lakewood, Ohio, for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of im- proving the municipal easements described in Resolution Nos. 5577 and 5602 duly adopted by the City Council on June 15, 1981, and September 21, 1981, respectively, by constructing thereon breakwalls with concrete modules and end returns together with the necessary appurtenances thereto. WHEREAS, this Council authorized the issuance of $236,000 bonds of the City for the purpose of paying the property owners' por- tion, in anticipation of the levy and collection of special assessments, of the cost of improving the municipal easements described in Resolution Nos. 5577 and 5602 duly adopted by the City Council on June 15, 1981, and September 21, 1981, respectively, by constructing thereon breakwalls with concrete modules and end returns together with the necessary appur- tenances thereto, by Ordinance No. 87-82 passed on November 1, 1982 (the "Original Bond Ordinance"); and WHEREAS, cash payments in the amount of approximately $21,000 have been received from property owners who were to be assessed and the period for receiving such cash payments has ended; and WHEREAS, the receipt of such cash payments requires that Sections 1 and 2 of the Original Bond Ordinance be amended to provide for a reduced principal amount of the Bonds and to adjust the maturity schedule therefor; and WHEREAS, bids have been received for the purchase of the $215,000 bonds (the "Bonds") following the advertisement of the sale of the Bonds in accordance with law; and WHEREAS, it has been determined that the bid of Magnus & Co. for the Bonds with a premium of and to bear an interest rate ofeight & 7/8 per cent (8-7/8%) per annum is the highest bid based upon the lowest rate of interest received for the Bonds; and WHEREAS, this Council, by two-thirds (2/3) 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, safety and welfare and for the further reason that the immediate issuance and sale of the Bonds herein sold is necessary to enable the City to retire outstanding notes at maturity and thereby preserve the City's credit;