30-58 Issue bonds to improve sundry streets

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- 2 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 of Finance; shall express upon their face the purpose for which they are issued; the fact that they are issued pursuant to the Uniform Bond Act of the State of Ohio and of this ordinance; shall be made payable, both principal and interest, at the office of the Director of Finance in the City of Lakewood, County of Cuyahoga and State of Ohio; and the interest coupons attached to said bonds shall bear the facsimile signa- ture of the Director of Finance. Section 4. That said bonds shall be the full general obliga- tion of the City of Lakewood, and the full faith, credit and revenue of said City are hereby irrevocably pledged for the ?~ment of both the principal and the interest of said bonds hereinbefore described at maturity, in accordance with the law and constitution of the State ~f Ohio. That upon the sale of said bonds, the principal and accrued interest shall be placed in the bond retirement fund. The par value realized from the sale of said bonds shall be placed in the City Treasury to the credit of the Street Improvement Bonds Series A - City's Share Fund in the sum first mentioned in Section i hereof and shall be dis- bursed from said fund upon proper voucher in payment not to exceed one year's interest on saidbonds and of the cost and expense of said im- provement. Section 5. That for the purpose of providing the necessary funds to pay interest on the foregoing issue of bonds promptly when and as the same 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 in said City sf Lakewood, 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 said bonds as and when 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 re- quired by Section ll of Article XII of the Constitution of the State of Ohio and of the statutes pertaining thereto. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the said officers, in the same manner, and at the same time that taxes for general purposes in each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in the 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 principal of said bonds when and as same falls due. Section 6o Said bends 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 ad- vertised and sold at public sale in the manner provided by law at not less than their par value and accrued interest thereon. Section 7. In advertising said bonds for sale, the advertise- ment shall state that anyone desiring to do so may present a bid or bids 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 thereof. Section 8. That the Director of Finance is hereby directed to forward a certified copy of this ordinance to the County Auditor.