4251 - 44 Issue bonds for improving certain streets

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ORDINANCE No. 4251 by >~r• Dawson A1Q IIJfEROENCX ORDTNANCE to issue bonds in thn city'sTpo Lion oflthe0oos~) Dollars to provide funds for the purpose of PO strutting, re-constructing or~ repairing and expense of improving various streets by sewer mains therein. health yyHER,EAS~ an emergency exists for the preservation of the public property, sad safety and to provide for the usual daily operati8n of a municipal department, and, ~R$,SS, this Council by Resolution Ho. 3162, adopted Apx3.1 17, 1944, has requested the Directosedito be acquired from the p roceedsaoftthehbondsihereinafter f the improvement prop Council such estimated referred to and the DirectorearsFand has~furtherlcertif ed tthe maximum maturity of life as exceeding five (5~ Y such bonds as twenty-five (25) Years, and, }gHEREAS, it is estimated that the tax for said bonds will first aCOunt 1Treasurer budget for the fiscal year 1945 and the final tax settlement with the y Auditor aswprogvidedubyolaw will be obtained not earlier thanatheufirst day of S ptember 1945, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY ~ Lp1CESg00D, STATE OF OHIO: Section 1. That it is deemed necessary to issue bonds of the City of Lakeoose in the sum of Ten Thousand 010,000.00) Dollars enserof improvingf usP p o£ paying the city's portion of the cost and exp streets by constructing, re-constructing or repairing sewer mains therein and to provide a fund for the payment of not to exceed one year's interest on said bonds. That anticipatory notes shall not be issued in anticipation of the issuance of such bonds. Section 2. That bonds of the Ci Do17.aLa.Y.for the purpose1aforesai.d;he that said sum of Ten Thousand 010,000,00) bonds shall be designated "City Portion Sewer Improvement Bonds" and shall be numbered from one to twenty five (1-25) bow inclusive and shall be in the denomination of Four Hundred (~4C0.00) Dollars each, dated ~:ay 1, 1944 and shall bear interest at the rate of two per cent (2~) per annum, payable October 1, 1941+, and semi-annually thereafter, vil the first day of April and October of each year until the principal sum is paid, 2nd shall mature serially Four Hundred (;,D:Ob) Dollars on October 1st of each year 1945 to 196 antuisia~installments.itiss~d are hereby determined to be in substantially eq bonds shall be subject to call or redemption prio~ot~siaans of Section 2293- of par and accrued interest in accordance with the P the General Code of Ohio. Section 3• That said bonds shall be prepared by the Director of Law, signed by the BayoT and Director of Finance, sealed wig ~ Coc~ssione sshallfexpress City and recorded in the office of the Sinking ursuant to law and upon their face the purpose for which they are issued al and interest, at the ordinance and they shall be made Payable, both prin dp of Cuyaho a office of the Director of Finance of the City of Lakewood, County g ~ State of Ahio~ and the interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance. Section 4. That the faith, credit ent of the principalfantinterest ofethe by irrevocably pledged for the p 'vin bonds hereinbefore described at matu~a~,upnt thersale of saidhbonds the,,,premium constitution of the State of 0 aid to the Sinking Fund Commission. Tn{par and accrti~ed interest shall be p `Treas~~x'y value realized from the sale of said bonds ss went Bond Flvnd"hinOthe'sum fiT'st to the credit of the "City Portion Sewer Imp ,n ro er mentioned in Section 1 hereof and shall be disbursed from said fund up P P vouchers in payment of the cost and expense. of said improvement.