4689 - 50 Issue bonds for Clifton Blvd improvement / widening

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P~,e #2 Section J. That Mid Im~ndc ihall bo prepared by th~ Director of Lawj signed by the Mayor and Director of Finanoe~ lo&led with the o~rporate ,esl of said City and Fe¢orded in the ~ffice of the Director of Fi,~ucej 11~"-2 express upon their face the purpose far which they ~ lacued~ the fact that they a~e lsm~e~l pursu- ant to the Un, form Bo~d ACt nf the ~tate ~f OhXo and of t~t80rdinamej shall he made payable, both princi~ and ~tor~ltt at the office of tho Director e~ Finance ia the City of l~kewood~ ~unty e~ ~a~hega~ State of Ohidj and the interest ¢oupono attached t~ ~ beads shall hear the fagots4]& lignat~Lre of tho DIFector of Finam~. Section ~. That far tho purpose of providing the nocecsa~ ~ t9 pay interest on the foregoing issue of bond~ pron~tly whom and an the sm f-~- due, and also to provide · fund auffiainnt to dbcharge Bald ~orixl bo~do at ~t~rity there shall bo and in hereby levied ~n all taxable ~operty in the said City of Lakewood~ in addition to all other taxes · direct tax annually durl~ the i~riod said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as a~d when same falls due and also to provide a fund for ~he discBarge o~ the principal of said serial bombs at Rattrity, which tax ~ha~l not bo lees than the interest'and sinking ~und tax ~equired by Section II of Article XII of the Constitution of the State of Ohio. Said tax ~ he and is here~ ardered computed~ ~ertifiad~ levied and extended upon the tax daplicate a~l collected by the ac~e officers in the ea~e m~mer and ·t tho sa~a ti~e that taxes For fenerel pur~cecs ~n each of said years are certified, extended and nollacted. Said tax shall bo placed bofore and in preference to all other items ar.t for the £ullamount thereof. The funds derived from aald tax lewy hereby required shell he pleced in the Rand Retire~ent Fuad ef the City of vocatly pledged for the pa~ment of the interest and prir~lpal of said bomd~ w~en and aa came falls doe,. Section 60 Said bonds 8~IX he first offered at par and accrued interest to tho Director of Finance of the City of L~kev~od a~l to the of£ioero having char&~ ef the treasur~ lnvestmeat account and ~o ~ of the same as shall not ~e taken by said officers ~hall bo ~v~'ttacd and sold at public sale in the manner provided I~ Law at not leos than th,~,ir par value ami accrued interest thsroo~o Section ?. Zn advertlsi~g said bon~s for sale, the advertisement shall ctato that arlene desiring to do ec may l~'esent · bid or bide for said bonds based upon thole hearing a different rate of inter.et than hereinb~ore fixed, pro- vided, however, t~at where a fractional rate ia Bid, such fraction shall he one-quarter (l/2) of om percent (1~) ar nultiplo thereo£. Section 8. That the Director of Finance ia hereby directed to forward a e~rti- fled copy of thio ordinance to the County Auditor, Section 9. Thio ordinance ia here~ declared to be an emergency neasure for the reasons crated in the preamble hereof aid, provided it receives the offir~ afire vote of two-thirdS (2/~) of all members elected to Coumll~ it shall t~Me