|
ORDINANCE NO. 3 7 - 9 $
<br />
<br /> By: Boscia, Gallagher, George,
<br />Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for an amount not to exceed
<br />$400,000 Lake House Breakwall Bond Anticipation Notes 1993B Renewal of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds for
<br />the purpose of paying the property owners' portion, in anticipation of the
<br />collection of special assessments heretofore levied, of the cost of
<br />improving an easement of the City of Lakewood by constructing thereon a
<br />breakwallwtth concrete modules, fill and end return.
<br />
<br /> %~HEREAS, pursuant to Ordinance No.. 54-92 passed June 1, 1992,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $400,000 for the
<br />purpose hereinafter stated, which notes were dated June 26, 1992 and
<br />matured on June 25, 1993, which notes were retired with the proceeds of
<br />notes in the principal amount of $400,000, which notes are dated June 25,
<br />1993 and will mature on September 13, 1993; and
<br />
<br /> %~HEREAS, the Council of the City has heretofore levied
<br />assessments for the purpose hereinafter set forth; and
<br />
<br /> ~HEREAS, the Council of the City has determined that the
<br />outstanding principal amount of said notes shall be funded by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated in the amount of not to exceed $400,000 and monies
<br />available from cash payments of assessments; and
<br />
<br /> ~HEREAS, the Fiscal Officer has certified to this Council that
<br />the estimated life of the improvements hereinafter mentioned is at least
<br />five (5) years and has further certified the maximum ~aturity of the
<br />hereinafter mentioned bonds is twenty (20) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is December 31,
<br />1997; 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 the
<br />immediate issuance and sale of the notes herein authorized is necessary to
<br />provide funds to retire the outstanding notes which are about to mature
<br />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. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of not to exceed $400,000 for
<br />the purpose of paying the property owners' portion, in anticipation of the
<br />collection of special assessments heretofore levied, of the cost of
<br />improving an approximately twenty (20) foot wide easement with its
<br />northern boundary located approximately twenty (20) feet north of the
<br />currently existing southerly shore of Lake Erie in an area now submerged
<br />lands but formerly a part of the lots on the northerly side of Edgewater
<br />Drive from the easterly line of property now or formerly owned bY the Unit
<br />Owners of the Lake House Condomintumas tenants in common, and assi~ned as
<br />its address 11850 Edgewater Drive, westerly approximately 330 feet to the
<br />westerly line of said property, as set forth in Resolution No. 6637-91
<br />passed on September 16, 1991, by constructing thereon a breakwai1 with
<br />concrete modules, fill and end return.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />September 1, 1994, shall bear interest at the estimated rate of six and
<br />one-half per centum (6-1/2%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such twenty (20) annual
<br />principal installments after their issuance that the total principal and
<br />
<br />
<br />
|