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ORDINANCE NO. 34-87
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<br />By: Brown, Chinnock, Gal lagher,
<br /> Graham, McBride, SalmOn, Wend!in§
<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, resurfacing
<br />with asphaltic concrete, including the necessary replacement and reset-
<br />ting of castings together with the necessary 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 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 for the construction of street improvements iD 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 $600,000 for
<br />the purpose of paying the property owners' portion ($300,000), in
<br />anticipation of the levy and collection of special assessments, and the
<br />City's portion ($300,000) of the cost of improving Arthur Avenue and
<br />Coutant Avenue by removal, where necessary, of the existing surface
<br />course, by grading and replacement, where necessary, of the base, and by
<br />resurfacing with asphaltic concrete, including the necessary replacement
<br />and resetting of castings together with the necessary appurtenances
<br />thereto, in the manner and between the termini provided in Resolution
<br />No. 6132-87 duly adopted by the Council of the City on March 16, 1987.
<br />
<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1988, 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 five (5) 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 $600,000 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 May 14, 1987 and
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