09-58 Issue bonds for improving rec facilities

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ORDINANCE NOo 9-58 BY: Messrs. Lawther, Ward, Fahrenbach, Gaydos, Gottermeyer. AN EMERGENCY ORDINANCE to authorize the issuance of bonds in the sum of one hundred ten thousand dollars to provide funds for the purpose of improving the recreational facilities at Lakewood and Madison Parks, Andrews Field, premises at 16718 Detroit Avenue and the so-called Battery B premises. WHEREAS, This Council by Resolution No. 3850, adopted February 17, 1958, has requested the Director of Finance to issue a certificate as to the estimated life of the improvements proposed to be acquired from the proceeds of the bonds hereinafter referred to, and the Di- rector of Finance has certified to this Council such estimated life as exceeding five years, and has certified the maximum maturity of such bonds as ten years; and WHEREAS, It is estimated that the tax for said bonds will first appear in the budget for the fiscal year 1959, and the final tax settlement with the County Treasurer next following inclusion of a tax for this issue in the annual budget by the County Auditor as provided by law will be obtained not earlier than the first day of September, 1959; and WHEREAS, An emergency exists in that this Council believes that additional recreational facilities and the improvement of existing ones are vitally needed in our community, and in that this ordinance provides for the immediate preservation of the public property, health and safety, and for the usual daily operation of a'.municipal department; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That it is deemed necessary to issue bonds of the City of Lakewood in the sum of one hundred ten thousand dollars to pro- vide funds for the purpose of improving the recreational facilities at Lakewood and Madison Parks, Andrews Field, premises at 16718 Detroit Avenue and the so-called Battery B premises, and to provide a fund for the payment of not to exceed one year's interest on said bonds. It is determined that the said bonds shall be issued in one installment and that anticipatory notes shall not be issued in anticipation of the is- suance of such bonds. Section 2. That said bonds of the City of Lakewood shall be issued in the principal sum of one hundred ten thousand dollars for the purpose aforesaid; that said bonds shall be designated "Recreational Facilities Bonds", and shall be numbered consecutively from one to one hundred ten, both inclusive; that said bonds shall be of the denomina- tion of one thousand dollars each, and shall be dated May l, 1958, and shall be drawn to mature as follows: eleven thousand dollars on October i of each year, 1959 to 1968, both inclusive, which maturities are hereby determined to be in substantially equal installments, and all of said bonds shall bear interest at the rate of three per cent per annum~ payable semi-annually on the first days of April and October in each year, except that the first of said interest installments shall be due and payable on October l, 1958, until the principal sum is paid; pro- vided, ~owever, if the said bonds are awarded at a different rate of interest then hereinbefore specified, said bonds shall bear such rate of interest as may be provided for in the resolution confirming said award. Section 3. That said bonds shall be prepared by the Director of Law, signed by the Mayor and Director of Finance, sealed with the corporate seal of said City and recorded in the office of the Director