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Page 2. <br /> <br /> Section 3. That said bonds shall be prepared by the Director of Law, signed by <br />the Mayor and Director of Finance, sealed with the corporate seal of said city and record- <br />ed in the office of the Director of Finance; shall express upon their face the purpose <br />for which they are issued, the fact that they are issued pursuant to the Uniform Bond Act <br />of the State of Ohio and of this ordinance and shall be made payable, both principal and <br />interest, at the office of the Director of Finance of the City of Lakewood, County of <br />Cuyahoga, State of Ohio; and the interest coupons attached to said bonds shall bear the <br />facsimile signature of the Director of Finance. <br /> <br /> Section 4. That said bonds shall be the full general obligation of the City of <br /> Lakewood and the full faith, credit and revenues of said city are hereby irrevocably <br /> pledged for the payment of both the .orincipal and interest of said bonds in accordance <br /> with the law and constitution of the-State of Ol~io~ that for the purpose of providing <br /> the necessary funds to pay the interest on the foregoing issue of bonds promptly when and <br /> as the same falls due and also to provide a fund sufficient to discharge said serial bonds <br /> at maturity there shall be and there is hereby, levied on al 1 the taxable property in said <br /> City of Lakewood, Ohio~ in addition to all other taxes, a direct tax~nually during the <br /> period said bonds are to run in an amount sufficient to provide funds to pay the interest <br /> upon said bonds as and .when the same falls due and also to provide a fund for the dis- <br /> charge of the principal of said Serial bonds at maturity, which tax shall not be less than <br /> the interest and sLuking fund tax required by Section ll of Article XII of the Constitu- <br /> rich of the State of Ohio and of the statutes pertaining thereto. Said tax shall be <br /> levied outside of the ten-mill limitation of Article XII, Section 2 of the Constitution <br /> of the State of Ohio and Section 5625-2 of the General Code of Ohio° Said tax shall be <br /> and is hereby ordered computed, certified, levied and extended upon the tax duplicate <br /> and collected by the same officers in the same manner and at the same time as taxes for <br />· general purposes in each of said years are certified, extended and collected. Said tax <br /> shall be placed before and in preference to all oth~er items and for the full amount <br /> thereof. The funds derived from said tax levies hereby required shall be placed in the <br /> Bond Retirement l~nd which together with all interest collected on same, shall be <br /> irrevocably pledged for the payment of the interest and principal of said bonds when <br /> and as same falls due. <br /> <br /> Section 5. Said bonds shall be first offered at par and accrued interest to <br />the Director of Finance of the City of Lakewood and to the Officers having charge of <br />the treasury investment account and so many of the same as shall not be taken by said <br />officers shall be advertised and sold at publid sale in the manner provided by law at <br />not less than their par value and accrued interest thereon. In advertising said bonds <br />for sale, the advertisement shall state that s~yone desiring to do so may present a bid <br />or bids for said bonds based upon their bearing a different rate of interest than <br />thereinbefore fixed, provided, however, that where a fractional interest rate is bid, <br />such fraction shall be one-quarter (1/4) of one per cent (1%) or multiple thereof. <br /> <br /> The proceeds upon the sale of said bonds, except the premium and accrued <br />interest thereon and the amount of any bonds issued for interest, shall be R.laced ~u <br />the City, s treasury to the credit of the "GEE~ERAL SEV~ER FUND" and used for the purpose <br />aforesaid and for no other purpose; the premium and accrue~ interest received from <br />such sale and the amount of any bonds issued for interest shall be transferred to <br />~he Bond Retirement Fund to be applied in the payment of the principal and interest <br />of said bonds in the manner provided .by law. <br /> <br /> Section 6. The Director of Finance is hereby directed to forward a certified <br />copy of this ordinance to the Auditor of Cuyahoga County, ohio. <br /> <br /> Section 7. This ordinance is hereby declared to be an emergency measure for <br />the reasons stated in the preamble hereof and~ provided it receives the affirmative <br />vote of two-thirds of all members elected to ouncil, it shall take effect and be in <br />force immediately upon its adoption and approval bythe Mayor. <br /> <br />Adopted:. <br />Approved: <br /> <br />Dec. 20~ 1948... <br />Dec. 21, 1948~ <br /> <br />A~ I~ Kauffman. <br /> Nayor. <br /> <br />~. R. Fairgrieve <br /> <br />H. A. Rees <br /> <br />President <br />Clerk <br /> <br /> <br />