3510 - 35 Issue bonds to improve hospital

Home Browse Search

Page Ord. No.3510 of the Director of Finance. Section 3. That said bonds shall be prepared by the director of Law, signed by the Mayor and director of finance, sealed with the corporate seal of said city and recorded in the office of the Sink- ing Fund Commission; shall express upon their face the purpose for which they are issued; the fact that they are issued pursuant to law and ordinance, and they shall be made payable, both principal and int~ at the office of the director of finance of the City of Lakewood, 0hi~ and shall bear such consecutive numbers as the director of finance shall determine. Section 4. That the faith, credit and revenue of the City of Lakewood are hereby irrevocably pledged for the payment of both the principal and interest of the bonds hereinbefore described at maturit] in accordance with the laws and constitution of the State of Ohio. That upon the sale of said bonds the premiums and accrued inter shall be paid to the Sinking Fund Commission. The par value reali from the sale of said bonds shall be placed in the city treasury to the credit of the "Lakewood City Hospital Bond Fund~ in the sum first mentioned in Section I hereof, and shall be disbursed from said fund upon proper vouchers in payment of the cost and expense of said impro~ merit. Section 5. That for the purpose of providing the necessary funds to pay interest on the foregoing issue of bonds promptly when and as the s~ne falls due, and also to provide a sum sufficient to discharge said seral bonds at maturity, there shall be and is hereb~ levied on all taxable property in the said City of Lakewood, in addit to all other taxes, a direct tax annually during the period said bond are to run in au amount sufficient to provide funds to pay interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall be not less than the interest and sinking fund tax required by Section tt of Article XII of the constitution. Said tax shall be and is hereby ordered, computed, certified, levied and extended upon the tax duplicate and collected by the same officers in the same manner and at the same time that taxes for gener purposes in each of said years are certified, extended and collected. Said tax shall be placed before and in l~eference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed with the Sinking Fund Commission of the City of L~ ewood in a separate and distinct fund which, together with all interest collecte on same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall s due. Section 6. That the director cf finance is hereby directed to forward a certified copy cf this ordinance to the county auditor. Section V. Before selling said bonds they shall be offered te the Sinking Fund Commission of the City of Lakewood at psm and accrued interest as provided by law. Section 8. ~n advertising said bonds for sale the advertise- ment shall state that any one desiring to do so may present a bid or bids for such bonds based upon their bearing a different rate of interest than hereinbefore fixed, l~ovided, however, that where a fractional rate is bid, such fraction shall be one-quarter of one per cent or multiple thereof. Section 9. This ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble hereof, and