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ORDINANCE NO. 25-88 By:
<br />
<br />Brown, Chinnock, Gal!agher, Gazzana,
<br />George, Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $540,000 1987 Street
<br />Improvement Bond Anticipation Notes - 1988 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds, for the pur-
<br />pose of paying the property owners' portion, in anticipation of the levy
<br />and collection of special assessments, and the City's portion of the
<br />cost of improving certain streets in the City of Lakewood, Ohio, by the
<br />necessary grading and replacement of the base, resurfacing with
<br />asphaltic concrete, including the necessary replacement and resetting of
<br />castings together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 34-87 passed April 6, 1987,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $600,000 for the purpose
<br />hereinafter stated, which notes were dated May 14, 1987, and will mature
<br />on May I3, 19881 and
<br />
<br /> WHEREAS, the amount of $60,000 is now available to apply
<br />against the principal of said notes and that the application of said
<br />$60,000 to the payment thereof the remaining outstanding principal
<br />amount of said note (to wit $540,000) new notes in a~ticipatton of the
<br />issuance of bonds for the purpose 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 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 $540,000 for
<br />the purpose of paying the property owners' portion ($300,000), in an-
<br />ticipation of the levy and collection of special assessments, and the
<br />City's portion ($240,000) 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, 1989, 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 />
<br />
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