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OPJ)INANCE NO. 67-83
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<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendlin§
<br />
<br /> AN EMERGENCY ORDINANCE to amend Ordinance No. 51-83 to change
<br />the maturity date of $165,000 notes of the City of Lakewood, Ohio, for
<br />the purpose of paying the property owners' portion, in anticipation of
<br />the levy and collection of special assessments, of the cost of improving
<br />the municipal easement described in Resolution No. 5674 duly adopted by
<br />the City Council on April 5, 1982, by constructing thereon a concrete
<br />breakwall with concrete modules, fill, and end return.
<br />
<br /> WHEREAS, this Council authorized the issuance of $165,000 notes
<br />of the City in anticipation of the issuance of bonds for the purpose of
<br />paying the property owners' portion, in anticipation of the levy and
<br />collection of special assessments, of the cost of improving the municipal
<br />easement described in Resolution No. 5674 duly adopted by the City Council
<br />on April 5, 1982, (the "Notes"), by constructing thereon a concrete breakwall
<br />with concrete modules, fill, and end return, by Ordinance No. 51-83 passed
<br />on May 2, 1983 (the "Original Note Ordinance"); and
<br />
<br /> WHEREAS, the Original Note Ordinance provided for a maturity
<br />date of August 16, 1983 for the Notes; and
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<br /> WHEREAS, this Council desires a more flexible maturity date,
<br />to wit, "on or before one year from date"; 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 authorization of a new maturity date is necessary to enable the
<br />City to preserve the City's credit;
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<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. Section 3 of the Original Note Ordinance, which
<br />now reads:
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<br /> "Section 3. That it is hereby determined that
<br />notes (hereinafter called the "Notes") in the principal
<br />amount of $165,000 shall be issued in anticipation of
<br />the issuance of said bonds for the above-described purpose
<br />and to pay and retire the outstanding notes, The Notes
<br />shall bear interest at such rate, not exceeding fifteen
<br />per centum (15%) per annum, as may be fixed by the Director
<br />of Finance in his certificate awarding the Notes at private
<br />sale, such interest to be payable at maturity, with provision,
<br />if requested by the purchaser, that, in the event of default,
<br />the same shall bear interest at a rate which shall not exceed
<br />fifteen per centum (15%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance; shall matu~
<br />on August 16, 1983; shall not be subject to redemption by
<br />the City at any time prior to maturity, unless the original
<br />purchaser of the Notes requests that the Notes provide for
<br />such redemption, in which case provision shall be made for
<br />calling the Notes for redemption upon ten (!0) days written
<br />notice to the original purchaser; shall be designated
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