3466 - 34 Issue bonds for non-contractual obligations

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An e~er~ency ordinance to issue bonds in the sum o£ ~hree Thousand dollars (~3,000.~) to pay f~nel Jud~ents heretofo~.o ~endePed a~ainst the O~ty o~ L~k ~wood ~o~ non-contractual obligations. Z~;AS, it Xe e~tima~ed that a t~ fo~ said bonds will .ti~' '~t appear in the budget for ~e fiscal y~,~ i9~5, ~d the fim~l tax aettle:~ent with the c~nt~ t~eas~e~ ne.~t folIowM~ tho Xnclus~n of a tax for this ~asue ~n ~e annual ba~et b2 the e~unty aud~to~, as ~rovided by law, ,ill be obtained not earlier Chancre f~t da2 ~f ~'~T, EAS, ~e d~eto~ of finance ~s on t~ ~lst da2 of May 19~, certified to the gouncll of ~e eXt2 of Lekewood the ~x~m~ ~tur~ty of such bonds as ~Ive 2earl; and t~t the city w~th~ the ~ai~s of ~tl funds available fo~ ~he p~rpole~ ~$ unable tO pay the ~udgmente here~nefte~ refer~ed to~ revered against ~he c~t2 ~n personal ~nJur2 and other non-contractual act~s~ and '~.HE~AS, the subject ~tter ~e~e[n p~w~ded for constitutes ~ emergenc~ b~ ~ovi~ fo~ the l~ed~ate preaePvation of the ~Blic health property ~ s~ety~ and provid~g for the ~sual da~ly operation of ~ic[pal depav~e~ts. NOZ', THERhFOn~, B~ IT ORDAIN~i~ B~ THE ~0U~C~L OF 2'HE 6iT~ OF Section 1. That ~t ~a deemed necessary ~o ~asue bonds of cXt2 of Lek~ in the sum of Three Thousand ~l~ra, to pa~ final Judgments heretofore rendered a~alnat the city personal iju~tes a~d other non-c~tractual obligations. :.action 2. That bunds of the City of Lake~ood ~hell be ~.seu,d in the pr£ncipal ~um of Three Thousand Dollars ($~,000.00) fo~ ti~ purpose ~oresatd~ that ea~d bonds shall be des~na~ed "F~nul Ju~- manta Bonda"j that ant~c~pator~ notes eh~ll oct be las~ed ~n .ntlc~- pat~on of the ~ssuance of a~ch ~onda; that sa~d bonds almll be of the deno~natl,~n of Six ~undred Dollars (~600.0~) each; eh~ll b~ dated J~e 1, X~34; and shall be ~awn to mature, as followe~ Six Hundred Dollars ($600.00) on october let in the 2ears 1~35 to 103~, both incl;=alva, which are hereby do,ermined to be nubstanti~ly equal ~nual ~na~allments, and all of ~d bonds to bo~ interest f~-~ ~ho first da~ of J~ne 1934 at the ~ate of three per cent ~ ~num, payable me~i-annually on the f~rmt day o£ April and Octo~e~ In each ~ear until the principal su~ la paid,, oxcep~ t~ the fira~ Coupons shall ~ovXde for the p~ment ~f Interest fvo~ the ftrst day of June 19~4~ to the first d~ Of October 19~; hoover, t~at ~f said oonds arc awaked at a different rate of X~lterest, they shall bea~ ~uch ~ate ~ ~nterest as ~y be provided fu~ Xn the resolute, on of the c~unc~l confirming such award. The fnte:~e~t coupons attached to sa~ bonds aha~ be~r the fac-simile sl~neture of the director of fi~anCej' ,%ectfon 3. That said honda shall be prepared by the dir~ctor of law, sI~ned by ~,he ~ayor and dir~ctor o£ finance, sealed wi~h the corporate seal of said cit~ and receded In the of~e of t]~o ~[nk!ng Pond ~o~m~ss[on~ sL~l express upon their face ~he purpose ~oP ~h[ch they are Issued, the fact t~t the2 ar~ ~esued pursuant to law ~d o~Inance, and t~ey shalf~ be ~ ~ayabie, both principal and !nt~rea~, at the o~ce of the director of finance [n the city of L~k~,~d, and shall boar such consecutive n~bers as the d~ector of finznce shall d et ermine.