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ORDINA~CE NO. 11-52 BY ~a'o Fair.isYs
<br />
<br /> A}; K~%9~OENCY ORDI~{ANCE to issue lends in the sum of $10,000.00 to provide
<br />funds for the purpose of repairin~ the Vista Street Bricks.
<br />
<br /> Vff[~F~S, this Council, ~y Resolution No. 3%34, adopted D~cember 1,
<br />has requested the Director of Finance to issue a Certificate as to the estimated
<br />life of the improvement ~roposcd to Be acquired from the proceeds of the Ber~
<br />hereinafter referred to and the Director of Finance ~as aertified to ~ts Council
<br />such estimated life as exceeding five years and has further certified the maximum
<br />maturity of such Bends as twenty-five yearsl amd,
<br />
<br /> ~-~_~.~, it is estimated~that the tax f°r'eaid bonds w~ll first appear in
<br />the budget for t~ fiscal year 1~54 and the final tax settlement with the County
<br />Treasurer next following inclusion of a tax for this issue in the annual budget by
<br />the County Auditor as provided by law will be obtained not earlier than the first
<br />day of September, 1954; and,
<br />
<br /> ~,RFA.~, an emergency exists in that the existing Vista Street Bridge
<br />affords ingress and egress to public transportation amd other purposes, especially
<br />to persons residing north of the Nickel Plate Railroad, But is in such condition
<br />that it is no longer safe to remain in service; in that in order to mak~ said ~idgn
<br />safe for public use it is necessary to issue Bends to repair said tridge without
<br />del~y; and in tJlat %his ordinance provides for the immediate preservation of the
<br />public property, health and safety and for the usual daily operation of a municipal
<br />department, now, therefore~
<br />
<br /> BE IT ORDAINF~ BY TH~. COUNCIL OF THE CITY OF LAKEWOOD, STATE OF
<br />
<br /> Section le That it is deemed necessary to issue bonds of the City of
<br />Lake~ood in the sum of $10'O00eO0, to provide funds for the purpose of repairing
<br />the Vista Street Bridge and to provide a fund for t~ payment of not to exceed one
<br />year, s interest on said bondse That anticipatory notes shall not Be issued in
<br />anticipation of the issuance of the l~nd~.
<br />
<br /> Section 2~ That Bends of the City of Lakewood shall be issued in the
<br />principal sum of ~lO,OOOeO0 for the purpose aforesaid; that ~aid bonds shall be
<br />designated "Vista Street ~idge Bonds" and shall be numbered consecutively from one
<br />tO ten~ Beth inclusive; that said bonds shall be in the denomination of $1,OOOeOO
<br />each; shall be dated january 1, 1953 and ~mll be drawn to mature serially $2,000.00
<br />on October ls% of each year, 1~54 to 1958 inclusive, which maturities are hereby
<br />determined to be in substantially equal annual installments; and all of said bonds
<br />shall bear interest from the first day of January, 1953, at the rate of 1,1/25, per
<br />annum, payable April 1, 1953 and semi-annually thereafter on the first ds~s of April
<br />and October of each year until the principal sum is paid, provided, he,ever, that if
<br />said bonds are awarded at 'a different rate of interest they shall bear such rate of
<br />interest as may be provided for in the resolution of Council confirming such award,
<br />
<br /> Ail or any part of said bonds of this issue maturing after October 1,
<br />shall be subject to call in inverse serial number sequence on the first day of April
<br />1957 or on any inter,st paying day thereafter prior to their maturity at the par
<br />value and accrued interest on said bonds; such call to be made by de%ernth%ation of
<br />the Council of the City of Lakewood by resolution, passed at least two months prior
<br />to the call date fixed therein, notice of which call shall be published once in a
<br />newspaper~ of general circulation in the City of Lakewood not less th~.n 30 days
<br />prior to the date fixed for such call mhd redemption.
<br />
<br /> Section 3. That said Bends shall be prepared by the Director of Law, signed
<br />by the ~'ayor and Director of Finance, sealed with the corporate seal of said City
<br />and recorded in the office of the Director of Finance; shall express upon their ~'ace
<br />the purpose for w~hich they are issued, the fact that they are issued pursuant to the
<br />L'niform Bond Act of tl~ State of Ohio and of this ordinance; shall be made payable,
<br />beth principal and interest, at t~m office of the Director cf Finance in the ~.
<br />City of Lakewood, County of Cuyahoga, State of Ohio; and the interest coupons at-
<br />tached to ~aid bends shall hear the facsimile signature of the Director of Finance.
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