4641 - 49 Issue bonds for city's portion for streets & sewers

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Page City of Lakew°od, County of Cuyahoga, State of Ohio, and the interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance. Section 4. That said bonds shall be the full general obligation of the City of Lakewood and the f~l! faith~ credit and revenues of said City are hereby irrevocably pledged for the payment of both the principal and interest of said bonds hereinbefore described at maturity, in accordance with the law and Constitution of the State of Ohio. That upon the sale of said bonds the pr~ium and accrued interest shall be placed in the Bond Retirement Fund. The par value realized from the sale of said bonds shall be placed in the City Treasux~ to the credit of the "CITY PORTION IMPROVEMENT BOND FUND. in the sum first mentioned in Section 1 hereof and shall be disbursed from said fund upon proper vouchers in payment of the coat and expense of said improvement. Section 5. That for the purpose of providing the necessary funds to pay interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient %o discharge said serial bonds at maturi~ there shall be and i~ hereby levied on all taxable property in the said City of Lake~ood, in addition to all other taxes a direct ~ax annually during the period said bonds are to ran in an amount sufficient to provide funds to pay the interest upon said bonds as and when same falls due and also to previde a fund for the discharge of the principal of said serial bonds at maturity~ which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of the State of Ohio. Said tax shall be and is hereby ordered computed, Certified, levied and extended upon the tax duplicate and collected by the same officers in the same manner and at the same time that taxes for general purposes in each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the f,,l~ amount thereof. The funds derived from said tax levy hereby required shall be placed in the Bond Retirement Fund of the City of Lakewood, which together with all interest collected on same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as same falls due. Section 6. Said bonds shall be first offered at par and accrued interest to the Director of Finance of the City of Lakew~od and to the officers having charge of the treasury investment account and so many of the same as shall not be taken by said officers shall be advertised and sold at public sale in the manner provided by law at not less than their par value and accrued interest thereon. Section ?. In advertising said bonds for sale, the advertisement shall state that at, one desiring to do so may present a bid or bids for said bonds based upon their bearing a ~t~ferent rate of interest than heretu- before fixed, provided, however, that Where a fractional rate is bid, such fraction shall be one-quarter (1/4) of one percent (1%) or multiple thereof. Section 8. That the Director of Finance is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 9+ This ordinance is hereby declared to be an emergency measure for the reasons stated in the Preamble hereof and, provided it receives the affirmative vote of two-thirds (2/3) of all members elected to Council, it shall take effect and be in force immediate~v upon its adoption and approval by the Nayor,. Adopted:.. December 5~ 1949 wm. R. Fairgrieve President Approved~ December ~ 1949 H. A. Rees Clerk A. [. Kauffman Mayor