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ORDIN~=NCE NO. 79-85
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to prow~J~e f~ the issuance of notes of
<br />the City of Lakewood, Ohio, in amtictpation o~ the issuance of bonds for
<br />the purpose of replacing water ~atns, fire hydrants and curb connections
<br />in Cohassett Avenue.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 42-82 passed May 17, 1982,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal am~mnt of $250,000 for the
<br />purpose hereinafter stated, which notes were ~ated July 1, 1982, and
<br />matured on July 1, 1983, which notes were retired with the proceeds of
<br />notes in the principal amount of $250,000, which notes were dated
<br />May 18, 1983, and matured on April 12, 1984, which notes were retired
<br />with the proceeds of notes in the principal ~amount of $250,000, which
<br />notes were dated March 16, 1984, and matured on July 16, 1984, which
<br />notes were retired wit~h 'the proceeds of notes in the principal amount of
<br />$250,000, which notes were dated July 13, 1984, and matured on
<br />December 14, 1984, which notes were retired with the proceeds of notes
<br />in the amount of $250,000, which notes are dated November 15, 1984 and
<br />will mature on November 14, 1985; amd
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is forty
<br />(40) 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
<br />
<br /> WHEREAS, the Council of the City has determined that $50,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $50,000 to the payment thereof, the
<br />remaining outstanding principal of said motes (to wit, $200,000) shall
<br />be funded by the issuance of new notes in anticipation of the issuance
<br />of bonds for the purpose hereinafter stated; and
<br />
<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 funds to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $200,000 for the purpose
<br />of replacing water mains, fire hydrants and curb connections in
<br />Cohassett Avenue.
<br />
<br /> Section 2. Said bonds shall be dated approximately November 1,
<br />1986, shall bear interest at the estimated rate of ten per centum (10%)
<br />
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