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ORDINANCE NO. 111-86
<br />
<br />By: Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendling
<br />
<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 of Transportation of the State of Ohio,
<br />Bunts Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, Ohio, by reconstruction of the roadway, replacing
<br />curbing, installing handicapped ramps, together with the necessary
<br />appurtenances thereto.
<br />
<br /> WHEREAS, 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
<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;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br /> Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br /> bonds of the City of Lakewood in the principal amount of $250,000 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 /> Bunts 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.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br /> May 1, 1987, 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.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br /> after called the "Notes") in the principal amount of $250,000 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 of fifteen per centum (15%) per
<br /> annum, as may be fixed by the Director of Finance in his certificate
<br /> awarding the Notes at private sale, such interest to be payable at
<br /> maturity, with provision, if requested by the purchaser, that, in the
<br /> event of default, the same shall bear interest at a rate or rates not
<br /> exceeding the maximum interest rate of fifteen per centum (15%) per
<br /> annum until the principal sum is paid; shall be dated their date of
<br />
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