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ORDINANCE NO. 23-89 'By:
<br />
<br />Chinnock, Gallagher, Gazzana,
<br />George, Graham, Wend]lng
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $82,500 Warren Road
<br />Improvement Bond Anticipation Notes - 1989 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds, for the pur-
<br />pose of paying the City's portion of the cost of improving, in coop-
<br />eration with the Director of Transportation of the State of Ohio, Warren
<br />Road from Lakewood Heights Boulevard to Clifton Boulevard in the City of
<br />Lakewood, Ohio, by reconstruction of the roadway, replacing curbing,
<br />installing handicapped ramps, together with the necessary appurtenances
<br />thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 38-85 passed May 6, 1985,
<br />the Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $275,000 for the purpose
<br />hereinafter stated, which notes were dated May 14, 1985, and matured on
<br />May 14, 1986, which notes are renewed annually, the most recent renewal
<br />being in the principal amount of $110,000 authorized by Ordinance No.
<br />28-88 passed April 4, 1988, which notes were dated May 13, 1988, and
<br />will mature on May 12, 1989; and
<br />
<br /> WHEREAS, the amount of $27,500 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $27,500 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to wit, $82,500) 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 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 t]he 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 $82,500 for the
<br />purpose of paying the City's portion of the cost of improving, in coop-
<br />eration with the Director of Transportation of the State of Ohio, Warren
<br />Road from Lakewood Heights Boulevard to Clifton Boulevard in the City of
<br />Lakewood, Ohio, 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, 1990, 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 />
<br />
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