3938 - 40 Issue bonds to pay cost of retaining wall & dock at Lincoln Pk

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ORDINANCE N0. 3938 BY lAr. Ward AN EMERGENCY OfiDINANCS to issue bonds in the sum oP Sight Thousand 08,000.00) Dollars, to provide a fund For the purpoaa of paying the cost and sapense of constructing a retaining wall wnd dock in Lincoln Yark on the easterly shore oP Rooky River 1~EREA$, an emergency ezists Per the preservation of the public property and safety and to provide for the usual daily operation of a muni- cipal department, and, iYHERSAS, this Covacil by 8eaolution No, 3072 adopted October 21 1940, has requested the Director of Finance to issue a aertifioste as ~Eo the estimated life oP the improvement proposed to be acquired from the proceeds of the bonds hereinafter referred to and the Director of Finance has certified to this Couaoil such estimated life as eaaeeding Pive (5) - years, to wits twenty (20) years, 1?nd has further certified the maturity of such bonds as ten (l0) yeara~ end, ~ERSA$, it is estimated that the tax for said bcnds will Pint appear in the budget for the fiscal year 1942 and the final taz settlement with the County Treasurer next following inclusion of a tea Por tkiie issue in the 6nnuel Budget by the Gouaty.Auditor as provided by law will be ob- f tained not earlier than the 4irst $ay of September 1942. THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKE~TOOD, STATE OF OHIO Section 1. -That it 9,r deemed necessary to issue bonds of the ~ewood in the principal sum oP Eight Thousand 08,000.00) Dollars to provide 1lxnds for the purpose oP paying the cost end expense of ooastruating a retaining wall and dock in Liaooln Park on the easterly shore oP Rooky River and tQ provide a fund Por the payment for not to eaoeed one year*s interest on said bonds. That anticipatory notes shall not be issued in antici- pation of the issuaaoe of such bonds. Section 2• That bonds of the City oP Lskewood shad be issued n~1ie principal sum oP Eight Thousand 08,000.00) Dollars for the purpose aforesaids that said bonds shall be designat®d "Retainin Wall sad Dook Bonds" and shall be numbered from one to ten (1-10~ both inclusive and shall be in the denomination oP Sight Hundred 0800.00}"Dollars each, dated November 1, 1940, and shall bear interest at the rate of two percent (2~) per anntan payable semi-annually on the first days of April and October of each year until the principal sum it paid, ezoept that the first coupon shall provide Por the payment of interest Prom November 1, 1940 to April i, 1941, and shall mature serially Eight Hundred {$800.00) Dollars on October first of each year 1942 to 1951 inclusive, which maturities are hereby determined tc be in substantially equal annual installments, but aub~eot to call or redemption prior to maturity at not more than pnr in dceorde„noe with the provisions of Section 2293-6 of the ' General Code of Ohio. Section 3. That said bonds shall be prepared by the Director of Law, s geed by the Mayor and Director of Finauoe, sealed with the corporate seal of said City and recorded in the