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<br />ORDINANCE NO. 38-85
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<br />By: Brown, Chinnock, Gal1~gher,
<br />Graham, McBride, Salmon, Weldling
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<br />AN EMERGENCY ORDINANCE to provide for the issuance of notes of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds,
<br />for the purpose of paying the City's portion of the cost of improving,
<br />in cooperation with the Director òf Transportation of the State of Ohio.
<br />Warren Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, Ohio, by reconstruction öf the roadway, replacing
<br />curbing, installing handicapped ramps, together with the necessary
<br />appurtenances thereto.
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<br />WHEREAS, r the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is twenty
<br />(20) years and that the maximum maturity of notes issued in anticipation
<br />of said bonds is twenty (20) years from the date of issuance of the
<br />original notes, or one (1) year if sold privately; and
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<br />WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City and for the further reason that
<br />the immediate issuance and sale of the notes herein authorized is neces-
<br />sary to provide for the construction of street improvements in the City
<br />in order to remove hazards to traffic;
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<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
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<br />Section 1. That it is hereby declared necessary to issue
<br />bonds of the City öf Lakewoodin the principal amount of $275,000 for
<br />the purpose of paying the City's portion of the cost of improving, in
<br />cooperation with the Director of Transportation of the State of Ohio,
<br />Warren Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, by reconstruction of the roadway, replacing curbing,
<br />installing handicapped ramps, together with the necessary appurtenances
<br />thereto.
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<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1986, shall bear interest at the estimated rate of ten per centum
<br />(10%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty (20) substantially equal annual installments
<br />after their issuance.
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<br />Section 3. That it is hereby determined that notes (herein-
<br />after called the IINoteslt) in the principal amount ~f$275,OOO shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose. The Notes shall bear interest at a rate or rates not
<br />exceeding the maximum interest rate permitted by law, as may be fixed by
<br />the Director of Finance in his certificate awarding the Notes at private
<br />sale, such interest to be payable at maturity, with provision, if re-
<br />quested by the,purchaser, that, in the event of default, the same shall
<br />bear interest at a rate or rates not exceeding the maximum interest rate
<br />permitted by law until the principal sum is paid; shall be dated May 14,
<br />1985; shall mature on May 14, 1986; shall not be subject to redemption
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