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ORDINANCE NO. 35-87
<br />
<br />By: Brown, Chinnock, Gallagher,
<br /> Graham, 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 />Lake Avenue from West llTth Street to Webb Road in the City of Lakewood,
<br />Ohio, by reconstruction of the roadway, replacing curbing~ installing
<br />handicapped ramps, together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 50-84 passed May 7, 1984,
<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 June 1, 1984, and matured on
<br />May 31, 1985, which notes were renewed annually, the most recent renewal
<br />being in the principal amount of $240,000 authorized by Ordinance No.
<br />39-86 passed April 21, 1986, which notes were dated May 14, 1986, and
<br />will mature on May 14, 1987; 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 (to-wit, $160,000) shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds for the purpose herein-
<br />after 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 f~ve (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 />
<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. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $160,000 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 />Lake Avenue from West ll7th Street to Webb Road in the City of Lakewood,
<br />by reconstruction of the roadway, replacing curbing, installing handi-
<br />capped ramps, together with the necessary appurtenances thereto.
<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 twenty (20) substantially equal annual installments
<br />after their issuance.
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