3305 - 32 Issue bonds to improve sewage disposal works

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~ a` That upon the sale of said bonds the premium and the eaarued interest shall be payable to the sinking fund commission. The par value realiEed from the sale of said bands shell be placed in the city treasury to the credit of the dewage disposal warka improve- ment bond fund in the amount ea mentioned Sn section 1 hereof, and ahe19 be disbursed from said respective fund upon proper vouchers in payment of the coat and expense oP said improvement.. ' Section b. That for the purpose of providint; the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due and also to provide a fund sufficient to discharge the said serial• boncia at maturity, there ahn11 be and is - hereby levied on all Lhe taxable property in said city of Lakero od in addition to all other taxes, a direct tax annually durinFS the period said bonds are to run in an amount sufficient to provide funds to pay lntereat upon said bonds as and when the earae'Yella due and also to provide s fund for the discharge of the principal of said aerial bonds at maturity, which tax shall be not Iess than the interest and ainkir:g fund tax required by Section Q4: of Article X11 of the Constitution. Said tax shall b e and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers in the same manner end at the same tires that taxes for general purposes in each of said years are eertified, extended and _ collected. Said tax shall be ploaced before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be pl:+ced in a separate and diati fund which, together with ell interest aolleeted on the same, shall be irrevocably pledged for the payment of the interest end princ°-.pal of said bonds when and as the same fall due. Section That the director of finance is hereby directed to forward a certified copy of this orda.nance to the County auditor. Section 7. .Hefore aellitk said bonds they shall be offered to - the sinking fund commission of the city of Lakewood at par and accrued interest es provided by iaw. Section 8. 2n advert; sin;; said bonc!a for sale, tthe advertiae- meat shall state that any one desiring to do so, may present a bid ar bide for such Donda based upon their bearing; a different rate of inters than hereinbefbra fixed, provided, i~owsver, that where a fract_anal rate is bid, such fraction shall be one-quarter of one percent or multip3s s thereof. Section 9. That this ordinanee is hereby declared to be an emergency measure and, provided it receives the affirmative vote of two-thirds of all members elected to council, it shall take effect and _ be in force immediately upon its passage and its approval by the mayor; - otherwise, it shall take effect and be in force at the earliest time allowed bylaw. Adopteds July S8~ 1932 ~~iorris H. Phillrpa ~~~Pr- s~~dF:nt Approvec]: A.I. Kauffman ~ h. A.f;ess tfayor c; ark I