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ORDINM~CE NO. 4602
<br />
<br />BY _ 'M~. Da~son.
<br />
<br /> AN F~'I~GENCY ORDIRM~CE to provide for the issuance of bonds of the City
<br />f ~ml~ood for the purpose of the construction of new fireproof hospital buildings
<br />,~ ~.~ ~rovement of existing fireproof hospital bU.ildings~ in the sum of Four Hun-
<br />~ T~ouSar~ Dollars (~AO0,000).
<br />
<br /> ~, an emergency exists in that bids have been received by the City
<br />r~ e~tractors for construction and improvement o£ said fireproof hospital buildings;
<br />~ ~h~t funds from bonds heretofore author~zed~sold and issued and from other sources,
<br />~ ~rm~ffici~t for said construction and improvement and inadequate to enable the
<br />~ty to accept any one of said bids and to award contracts for said construction and
<br />~?movement$ in that land ~las Been acquired for such purpose; and in that in order to
<br />m~de for the public health, welfare and safety and the usual dai]~T operation of a
<br />~m~c~pal department, it is necessary to provide funds in~ediately for said purpose;
<br />~ t!~ref ore,
<br />
<br /> BE IT 0RDAI~USD BY T}~J COUN~L OF TITE CITY OF L%}~';0OD, STATE OF O}.riO~
<br />
<br /> Section 1. That it is deemed necessary by th'is Council to issue bonds
<br />' t. he City of Lakewoed in the s~n of Four Hundred Thousand Dollars (~A00,O00) to pro-
<br />de a fund for the purpose of construction of new fireproof hospital buildings a~d
<br />~e ~prove:~ent at' existing fireproof hospital buildings, and to provide a fund /'or
<br />e p~yment of not to exceed one year~s interest on said bonds. It is determined
<br />a% anticipatory notes shall not be issued in anticipation of the issuance of such
<br />
<br /> section 2. That said bonds of the City of Lakewood shall be issued in
<br />e pr~cipal sum~ of Four Hundred ~housand Dollars ($~00,000) for the purpose afore-
<br />~d$ t~mt Said bonds shall be designated "HOSPITAL BUILDING AND I~.~RO~E~,~NT BONDS"
<br />d ~hall Be numbered consecutively from one (1) to four hundred (~OO) both inclusive;
<br />~t said Bonds sbs~l~ be of ~he denomination of One Thousand Dollars ($1000) each,
<br />~11 be dated Feb~r~mry 1, 1949, and shall be drawn to mature as follows: S.txteen
<br />ousa~d Dollars (~16,000) on October 1, 1950, and Sixteen ThouSand Dollars (~16,O00)
<br /> 0cts,)er 1st of each year 1951 to 1974, both inclusive, which maturities are hereby
<br />ter~dned to be in substantially equal annual installments and all of said bonds shall
<br />~r interest at the rate of two Percent (2%) per annum pa)able semi-annually on the
<br />~ days of April and October in each year until the priUCipal sum is paid; provided~
<br />~ver, t~mt if said bonds are awarded at a dLf£erent rate of interest than hereinbe-
<br />re ,pecified~ sa~d bonds s~mll bear such rate of interest es may be provided for in
<br />~ rescl~tlon of the COuncil confirmir~, such award.
<br />
<br /> Ail or any part of said bonds maturing after October 1~ 19~4 shall be
<br />~Ject to call er redemption ~n inverse serial number sequence on the 1st day of April~
<br />~ cr on ar~ interest paying date thereafter prior to their maturity~ at the par value
<br />and acceded interest on said bo~s, such call or redemption to be made by detarmina-
<br />m~ of the Oouncil cf the City of Lal~woed by resolution adopted at least sixty (60)
<br />~ prier to the call date fixed therein, notice of which Call shall be published in a
<br />'aPa;~*r of general circulation in the City of Lakewood not less t~mn thirty (30) days
<br />~r to the date f~xed for such call Or redemption.
<br />
<br /> Section 3. That sa.td bonds shall be prepared by the Director of Law,
<br />~:~ed By t.l~ ~yor and Director of~inance~ sealed with the corporate seal of said
<br />!.y a,¥! feces!ed in the office of tha Director of Finance; Shall express upon their
<br />~e t~ pur~e for which they are issned, the fact that they are issued pursuant to
<br />[~n~f~,rm l~om! Ac~ 0£ the ,State of Ohio and of this ordinance and shall be made pay-
<br />lo, b, th pr~ncli~,l and ~nterest~ at the office of tha Director of Finance of the City
<br />l~wo~l~ C~nty of C':)w~hoFm~ State of Ohio; and the interest coupons attached to
<br /> ~t ,~'~!a atm]l bear tJ, e ~aos m~le s~.~mture of the Director of Finance. . ~
<br />
<br /> 5ect~ 4, l~mt s,~d bonds sbali be the full general obligation of the
<br />~ of $~l~'ewo~t and the full falth~ credit and revenues of said city are hereby irre-
<br />~*t'lY ple~;~d for the Imyment of both the principal and interest of said bonds in
<br />~',~ta~ce with the l~w and COnstitution of the State of Ohio; that for the p~.,rpo:;e of
<br />~td[,.~ the necesoary funds to pay tho interest on the foregoing issue of bo,,ds promptly
<br />~ ~r~'t aa t)~ a,~e fall due and also to provide a fund sufficient to discb-rge said
<br />~.~1 ho~¥ts at ~nt,,r~ty tiers -hall be~ and there is hereby, levied on all tt, e taxable
<br />,~:e~[~ tn eatd ,try of Lakewoed~ Ohio~ in addition to all other taxes, a direct tax
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