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ORDINANCE NO. 34-86
<br />
<br />Brown, Chinnock, Gallagher, Graham,
<br />McBride, Salmon
<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 property owners' portion, in anticipation
<br />of the levy and collection of special assessments, and the City's por-
<br />tion of the cost of improving certain streets in the City of Lakewood,
<br />Ohio, by the necessary grading and replacement of the base, resurfacin§
<br />with asphaltic concrete, including the necessary replacement and reset-
<br />ting of castings together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 36-80 passed May 17, 1982,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $400,000 for the purpose
<br />hereinafter stated, which notes were dated July 1, 1982, and matured on
<br />July 1, 1983, which notes were renewed annually, the most recent renewal
<br />being in the principal amount of $160,000, which notes are dated May 14,
<br />1985, and will mature on May 14, 1986; and
<br />
<br /> WHEREAS, the amount of $80,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $80,000 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to-wit, $80,000) shall be funded by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated; and
<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 five (5)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is five (5) years from the date of issuance of the original
<br />notes, or one (1) year if sold privately; 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 C~ty 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 $80,000 for the
<br />purpose of paying the property owners' portion ($20,240), in antici-
<br />pation of the levy and collection of special assessments, and the City's
<br />portion ($59,760) of the cost of improving Jackson Avenue, Lincoln
<br />Avenue, Giel Avenue, Lakewood Heights Boulevard, Edgewater Drive, Belle
<br />Avenue, McKinley Avenue, Cove Avenue, Lewis Drive, Reveley Avenue, and
<br />Alger Road, by removal, ~here necessary, of the existing surface course,
<br />by grading and replacement, where necessary, of the base, and by resur-
<br />facing with asphaltic concrete, including the necessary replacement and
<br />resetting of castings together with the necessary appurtenances between
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