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ORDINANCE NO.
<br />
<br />21-90
<br />
<br />BY: Boscia, Gallagher, Gazzana,
<br /> ~George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $365,000
<br />1987 Street Improvement Bonds of the City of Lakewood, Ohio, for the
<br />purpose of paying the property owners' portion, in anticipation of the
<br />levy and collection of special assessments, and the City's portion of
<br />the cost of improving certain streets in the City of Lakewood, Ohio, by
<br />the 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. 20-89 passed April 17,
<br />1989, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal amount of $495,000 for the put-'
<br />pose hereinafter stated, which notes were dated May 12, 1989, and will
<br />mature on May 11, 1990; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to the maximum maturity of the bonds proposed to be issued and
<br />as to the estimated life of the improvements so constructed; 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 and for the further reason that the immediate
<br />issuance and sale of the bonds herein authorized is necessary to provide
<br />funds to retire the presently outstanding bond anticipation notes at
<br />maturity;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds
<br />(hereinafter called the "Bonds") of the City of Lakewood in the princi-
<br />pal amount of $365,000 for the purpose of paying the property owners
<br />portion ($50,000), in anticipation of the levy and collection of special
<br />assessments, and the City's portion ($315,000) of the cost of improving
<br />certain streets in the City of Lakewood, Ohio, by the necessary grading
<br />and replacement of the base, resurfacing with asphaltic concrete,
<br />including the necessary replacement and resetting of castings together
<br />with the necessary appurtenances thereto.
<br />
<br /> Section 2. Said Bonds shall be dated May 1, 1990; shall be
<br />numbered and in such denominations as determined by the Director of
<br />Finance; and shall bear interest from their respective dates at such
<br />rate or rates not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum, as may be fixed by the Director of Finance in her
<br />certificate awarding the Bonds at private sale, payable semiannually on
<br />the first day of June and the first day of December of each year (the
<br />"Interest Payment Dates"), beginning December 1, 1990, until the
<br />principal sum is paid. Such Bonds shall, mature as follows: $73,000 on
<br />December 1 in each of the years from 1991 to 1995, inclusive.
<br />
<br /> Section 3. Pursuant to Section 133.30(B), Ohio Revised Code,
<br />the Director of Finance may combine the Bonds with other bonds into a
<br />single consolidated issue of bonds for purpose of their sale as a single
<br />issue, to be designated "Various Purpose General Obligation Bonds,
<br />Series 1990"; such bonds shall contain a summary statement of purposes
<br />encompassing the purpose for which the Bonds are issued; shall state
<br />that they are issued pursuant to this ordinance; shall be executed by
<br />the Mayor and by the Director of Finance, both of whose signatures may
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