09-58 Issue bonds for improving rec facilities

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2 - ' \ of Finance; shall express upon their face the purpose for which th~ are issued, the fact that they are issued p~zrsuant to the Uniform Bond Act of the State of Ohio and of this ordinance, and shall be ma payable, both principal and interest, at the office of the Director o Finance of the City of Lakewood, County of Cuyahoga, State of Ohio; and the interest coupons attached to said bonds shall bear the fac- simile signature of the Director of Finance° Section ~. That said bonds shall be the full general obliga- tion of the City of Lakewood and the full faith, credit and revenues of said City are hereby irrevocably pledged for the payment of both the principal and interest of said bonds in accordance with the law and constitution of the State of Ohio; that for the purpose of pr°_ viding the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same fall due and also te provide a fund sufficient to discharge said serial bonds at maturity there shall be, and there is hereby, levied on all taxable property in said City of Lakewood, Ohio, in addition to all ether taxes, a direct tax an- nually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same falls due and also to provide 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 ll of Article ]III of the Constitution of the State of Ohio and of the stat- utes pertaining thereto. 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 cer- tified, extended and collected. S_id tax shall be placed before and in preference to all other items a~d for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in the Bond Retirement Fund of the City of Lakewood, which to- gether 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 fall due. Section 5. Said bonds shall be first offered at par and ac- crued interest to the Director of Finance of the City of Lakewood 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. In ad- vertising said bonds for sale, the advertisement shall state that anyone desiring to do so may present a bid er bids for said bonds based upon their bearing a different rate ef interest than hereinbe- fore fixed, provided, however, that where a fractional interest rate is bid, such fraction shall be one-quarter of one per cent or multiple thereof. The proceeds from the sale of said bonds, except the premimn and accrued interest thereon and the amount of any bonds issued for interest, shall be placed in the Cityts Treasury to the credit of the "RECREATIONAL FACILITIES FUND" and used for the purpose aforesaid, and for no other ptu~POse; the premium and accrued interest received from such sale and the amount of any bonds issued for interest shall be transferred to the Bond Retirement Fund to be applied in the pay- ment of the principal and interest of said bonds in the manner pro- vided by lawo ward a County, Section 6° The Director of Finance is hereby directed to for- certified copy of this ordinance to the Auditor of Cuyahoga Ohio.