4246 - 44 Issue bonds to purchase property for Park

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Fags #2 office o4 the ?irector of Finance o£ the City of Lakewood, County o£ Cuyahoga, State o£ Ohio, and. the interest coupons attached to said bonds shall bear the faesimils signature of the Director of Finance. Section It, That the faith, credit and.revemre o4 the City of Lakewood are hereby irrevocably pledged for the payment oP both the principal and interest of the bonds hsreinbefore described at maturity, in aecordanoe with the laws and Cormtitut3on oT the State of Oh1o. That upon the sale of said bonds the premium and accrued interest shawl be paid to the Sinldag Fund Commission. The par value realized from the sale of Bald bonds shall be placed in theCity Treasury to the credit of the "Park Bond Fund" in the sum first mentioned in Section 1 hereof and shall be diebwresd ih/om said fund upon proper vouchers in payment of the coat and expense of said Improvement. - Section 5. That Ear the purpose of providing the necessary funds to. pap interest da the foregoing issue o£ bondspromptly when and as the game fella dun and also, to provide a sum sufficient fio discharge said aerial bonds at maturity theta shall be and la hereby levied on all taxatle property in the said Gity of Zakewood in addition to all other taxes a direct texannvally during the period said bonds areto run in an amount sufficient to provide funds to pay interest upon said bonds as and Rhea sanefalls due and, also, provides a fund for the discharge of the prindpai oYsaid aerial bonds at maturity, which tax shall ba not lase than the interest and sinking fund required by Section 11 oP Article 12 o£ the Conatltution. Said tax shall be end is hereby ordered, computed, certified, levied and extended upon tihs tax duplicate and collected by the same officers in the same manner andat the awe time that texas For .general pLSposea in each of said years are eertified~ extended and collected. ,Said tax shall be placed before and in preference 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 tlity of Lakewood ih a separate. and distinct Purid, which together with all interest collected on Mme, shall be irrevocably pledged for the payment of the ' 3rrterest and principal of said bonds when ahd as same falls due. Section 6. Tnat the director of Finance is hereby directed to £oreaard a - certified copy of this ordinance to the County Auditor. Section 7. Said bonds shall be first offered at par and accrued interest to the Sinking Fuad Commission of the City of Lakewood in its official capacity and to the oSPicera having charge o£ the Treasury Investment Account and. 9o many oP the same as shall not be. taken by said 6omrisaion and said officers shall be. advertised and soldat public sale in the manner provided by law atrnot less than their par value and accrued interest thereon. Section 8. In advertising said bonds.Por.sale,. the advertisement aha71 state that anyone deslring to do so may present a bid or bide for said bonds based upon their bearing a different rate of interest than hereinbefore fixed, provided, however, that where a Fractional rata is bid, such Fraction shall be one..quarter (1/1?) of one percent {l~) or multiple thereof. Tn case a bid is accepted based upon a rate o£ interest other than as provida8 in this ordinance, scab aoeaptance must 'be approved by resolution of Council which resolution shall be certified tp the. County Auditor. Section 9. That this ordinance is }mrehy declared to be an emergency mea9ure for the reasons atatedin the greamble hereof and, provldedit receives the affirmative vote of twopthirds (2(3) of all mambera eledted to Council, it shall take effect and bein force itmnediately upon its adoption and approval by the Piayor. Adoptede Feb. 8, 19111}. Nm. R. Fairgrieve Approvedo Feb. 9, 19114. R. A, Rees A. T. Kauffman yon