11-52 Issue bonds to repair Vista Street Bridge

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Section h. That said bonds shall Be th~ full general obligation of th~ City of I~kewood and the full faith, credit an.~l 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 Sta$~ of Ohio, That upoa the sale of s~fd bonds the premium and accrued inter- est shall Be placed in the Bond Retirement Fund. The par value realized from the ~ule of said bor~s shall be placed in the City Treasury to the credit of the "VISTA STR.EET PRII~E BO~D FU.~" in the sum first ~entioned in Section 1 hereof and shall Be dis~rsed from said fund upon proper vouchers in pay~nt of not to exceed one year, s interest on said bonds and of the cost and expanse of said improvement. Section ~0 That for the purpose of providing the necessary funds to interest on the foregoing issue of bomds l~rompt~ when and as th~ sam~ falls due, and also to provide a fund sufficient to discharge said serial Bonds at maturity there shall Be and is hereby levied on all taxable property Xn the said City of Lakewcod, in addition to all other taxes a direct tax annually during the period said Bonds are to run in an amount sufficient to provide funds to pay the interest upon ~aid bonds as and when same fa~s due and also to provide a fund for the dis- charge of the principal of said serial ~o~ at maturity, which tax shall not be less than the interest and sinking fund tax required By Section IX of Article XXX of the Constitution of the State cf 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 ~ame time that t~xes for general purposes in each of ~aid years are certified, extended and collected. Said tax shall Be placed Before and in preference to all ether i~ems and for the full a~ount thereof. The funds derived from s~id tax levy hereby required shall he placed in thc 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 prinsipal of said bonds when and as same falls due. So, orion 6. Said bonds shall be first offered at par and accrued interest to the Director of Firmnse of the City of Lakewood and to the officers havin~ charge of the treasury investment account and ~o many of the same as sh~ll 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 7. L~ advertisi~ s~id bonds for sale, the advertisement shall state that anyone desiring to do so may present a ~id or ~ids for said bonds based upon their bearing a different rate of interest than hereinbefore fixed, provided, however, that Where a fractional rate is bid, such fraction shall be one-quarter (1/4) of one percent ~1%) or multiple thereofe Section 8. That the Director of Fin~nss is hereby directed to forward a certified copy of t[~s ordinance to the County Auditors Section 9, That this ordinance is hereby declared to Be an emergency measure for the reasons statod 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 te in force ism~ediately upon its adoption and approval by the M~vor. Adoptedi__ December 1, 1952 George F.. Qutnn ' P~esident' Ap~oved~ .... December 2~ 1952 Clerk A. ~. Kauffman Mayor