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<br />ORDINANOE N~ 1588 ~·1r. 4'r:mstr:o.ng
<br />
<br />AN ORDINA~CE authorizing and directing the Mayor 'and Director
<br />of Finance to .ell park bonds at Private sale in the sum of $35,000.00 par
<br />...a.lue, and to devote theþròõeeds vo1mproving þè.rk lands of the City of
<br />Lakøwood.
<br />
<br />WBEREAS, at the regular êlection held in the City of µakewood,
<br />County of CUyahoga, and state of Ohio, on the 6th day of November, 19l7, the
<br />qUestion of issuing bonds of the city of Lakewood in the sum of $300,000,00
<br />for the purpose of' purchasing IiIr condemning the neoeSss.:ry land for parks, and
<br />for improving the sìUne, the s¡¡;me being an amount in eXeess of 2-11% of the tot..:
<br />valUe of all property of the City of µakewood, as listed and assessed for tax.
<br />ation, was submitted to the qualified eleetors of said City¡ and
<br />
<br />said election upon the
<br />and
<br />
<br />of the voters voting at
<br />voted in favor thereof
<br />
<br />two-thirds
<br />said bonds,
<br />
<br />WJŒREAS,
<br />question of issuing
<br />
<br />.
<br />,
<br />
<br />WHillREAS, by O:rdinanoe No. 1324, duly ad9pted by the Council of th(
<br />O.1\y of Lakewood, on the 19th day of November, 1917. which was amended by
<br />Ordinanoe No. 1408.. þaaseð. March 24, 1919, a!ld Ordi!lance No. l409. also .paSse
<br />March 24th, 19l9.~he iasuance of euch bonds in the sum of $300,000.00 was a
<br />l:i,uthorized, and in pursuance thereof the same were oHered for sale in the
<br />~nner prescribed by law on the 11th day of February, 19l8, for which no bids
<br />were received; and
<br />
<br />WJŒREAS, under the provisions of G. C. 3924 an~ or~inance ~o.
<br />1350, adòpted by the CounoiJ. of sai~ C:l.ty Apr1l29. 1918, as amended byOrdi-
<br />naneS No. 1352, passedMay 20. 1918, bonds from said issue in the Bum of
<br />e215,OoO.00 have b<;Jen sold at private sale; and uMertha provisions of
<br />Ordinanoe No. 1409 passeð,by thaCounoiJ. of said City March 24,1919, bpnds
<br />from said iasue in the sum of $15,000.00 have been sold at private sale.
<br />
<br />Lakewood,
<br />
<br />the Counoil of the City of
<br />
<br />ORDAINED by
<br />
<br />IT
<br />
<br />:fIE
<br />
<br />THillfu!:FQR!JJ ,
<br />.$'1;.ate of' Ohio,
<br />
<br />Section 1: That the Mayor and Director of rinance be and they are
<br />4ereby authorized and direoted to sell a part of the issue of park bonds in
<br />the sum of $35000.00 at private sale at their par value and acenued interest
<br />and to credit the proceeds of such sale to the park f'und, to be used in im-
<br />proving park lands of the City; $hat said bonds shall be designated "Parle
<br />~onds"; shall be of the denomination of $1000.00 each; !lumbered consecutively
<br />#231 to #2$, inolusive, shall b~dp..ed April 1st, 1920 and shall be drawn to
<br />X!).ature$lqpOo..OO Oct. 1st, 1941¡ ~20000..00 Oot. 1st, 1942; $5000.00 Oct, l¡;¡t,
<br />1943 and I3hall bear interest from April 1st, 1920 at the rate Of 51'% peX' annUl
<br />payable semi-annually on April 1st an~ Oct. 1st each year upon presentation
<br />and surrender of the attachad coupons signed by the Director of Finanoe or
<br />wi th his. signature 11 thographed thereon.
<br />
<br />Section 2: That said bonds shall be prepared by the Director of
<br />Law, signed by the }¡Íayor and Director of Finance, sealed with the City seal
<br />and reCorded in the off1Qe of the Sinking Fund Commission. Said bonds shall
<br />express upon their face the purpose for which they are issued and the fact th
<br />they are issued pursuant to law and ordinanoes, and shall be made payable bo~
<br />principal and interest at the Cleveland Trust Company, in the City of Clevola:
<br />Ohio.
<br />
<br />Section 3: That this or~inance shall take effect forthwith and at
<br />the earliest period allowed by law.
<br />
<br />Pro fem.
<br />
<br />Hildie
<br />resident,
<br />
<br />A
<br />
<br />L
<br />
<br />
<br />April 19.tl
<br />
<br />Adopted
<br />
<br />Guild
<br />
<br />o
<br />
<br />A
<br />
<br />Appróved
<br />
<br />Clerk
<br />
<br />
<br />Hill
<br />
<br />Mayor
<br />
<br />-"'-"'_"--"'-IW~_"r""'~I''''''''''____~_____'
<br />
<br />E.
<br />
<br />L.
<br />
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