75-58 BAN - Improve streets - Laserfiche WebLink

Home Browse Search

Section 4. That such anticipatory note in the sum of $$3,000.O0, which sum does not exceed the amount of the bond issue, shall be issued bearing interest at the rate of 3% per annum, payable semi-annually~ Such note shall be dated September l, 195S and shall mature on or be- fore September l, 1960, provided, however, that such note shall be re- deemable at any interest period. Such note shall be executed and de- livered in such denomination as may be necessary, but not to exceed the amount stated in this section. Section 5. Such note shall be prepared by the Director of Law and shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall have coupons attached bearing the facsimile signature of the Director of Finance of the City. It shall be designated "Street Improvement Note - Property Owners, Share" and shall be payable at the office of the Director of Finance of the City of Lakewood; it shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Said note shall be first offered to the Director of Finance of the City of Lakewood and to the officers having charge of the Treasury Investment Account, and if it shall not be taken by said officers it shall be sold at private sale by the Director of Finance, but not for less than par and accrued interest, and the proceeds from such sale, except any premiums and accrued interest thereon, and the amounts thereof necessary for the payment of interest prior to the maturity of the note, shall be paid into the proper fund and used for the purpose aforesaid and for ne other purpose. Any premium and ac- crued interest and amount necessary for the payment of interest prior to its maturity shall be transferred to the Bond Retirement Fund to be applied on the payment of the principal and interest of said note in the manner provided by law. Section 7. Said note shall be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be re- Ceived from the sale of the bonds anticipated by said note and any ex- cess fund resulting from the issuance of said note, to the extent necessary, shall be used only for the retirement of said note at ma- turity, together with interest thereon, and is hereby pledged for such purpose. Section S. During the year or years while such note runs there shall be levied on all taxable property in the City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the pri6r issue of such note. Section 9. Said tax shall be and is hereby ordered to be com- puted, certified, levied and extended upon the tax duplicate and col- lected by the same officer in the same manner and at the same time that taxes for general purposes for each of said years are certified, ex- tended and collected. Said tax shall be placed before and in prefer- ence to all other items and for the full amount thereof. The funds de- rived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which they are issued when and as the same fall due. Section 10. The Director of Finance is hereby directed to for- ward a certified copy of this ordinance to the County Auditor.