49-83 Property owners portion - improve streets BAN

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ORDINANCE NO. 49-83 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERtENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds, for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, and the City's por- tion of the cost of improving certain streets in the City of Lakewood, Ohio, by removal, where necessary, of the existing surface course, by grading and replacement, where necessary, of the base and by resurfacing with asphaltic concrete, including the necessary replacement and reset- ting of castings together with the necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is five (5) years and that the maximum maturity of notes issued in anticipation of said bonds is five (5) years from the date of issuance of the original notes, or one (1) year if sold privately; and W}~REAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to provide funds for the construction of street improvements in the City in order to remove hazards to traffic; NOW, THEREFORE, Cuyahoga County, Ohio: Section 1. That BE IT ORDAINED by the City of Lakewood, it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $750,000 for