35-59 Issue bonds to improve streets w/ landscaping

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;~~'" interest coupons attached to sa~d bonds shall bear the facsimile s~gna- ture of the Director of Finance. 2 )Or",,, Sect~on 4. ~at said bonds shall be the full general obligation of the C~ty of Lakewood and t~e full fa~th, credit and revenues of said City are hereby~rrevocably pledged for the payment of both the princi- pal amd interest of saidlDonds hereinbeføre descrilDed at maturity, ~n accordance with the law andØo]!lstitut~on of the State of Cìh~o. ~at upon the sale of sa~d bonds the premium and accrued interest shall be placed ~n the Bond Retirement Fund. ~e par value realized from the ¡¡ale of said bonds shall be placed in the city treasury to the credit of the "Street Improvement Bonds" in the sum f~rst mentioned in. Section 1 hereof and shall be disbursed from said fund upon proper vouchers in paymemt or nottø exceed one year's interest on said bønds and of the cost and expense of said improvement. Section 5. ~at for the purpGse ef providing t]ae necessary funds to pay interest on the foregoing issue of 1D0nds promptly when and as the same falls due, and also to provide a fund sufficient te dis- charge said serial bends at maturity there shall IDe and is hereby levied en all t;axalDle property in. t;he said C~ty of Lakewood, in add~t;ion t;o all other t;axes a direct t;ax annually during t;he period said bonds are to rUXl in an amoUXlt; suff~c~ent t;o pro.v~de funds to pay the interest upon said bonds as and when same falls due and also to provide a fund for the d~scharge of t;he principal of said serial bonds at maturity, which tax shall not be less than t~e int;erest and sinking fund tax required by Section 11 of Article XII of the Constitution of the Stat;e of Ohio. Sa~d tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplioate and oollected lDy the same officers in the same manner and at t~e same time t~at taxes for general purposes in each of sa~d years are certified, ext;ended and collected. Said tax shall be placed before and in preference to all other items and for the full amoUXlt thereof. The funds derived from said tax levy hereby re- quired shall be plaoed in the Bond Ret~rement Fund of the City of Lakewoød, which tøgether with all interest oollected on same, shall be irrevocably pledged for the payment øf the interest and principal of said 1Dønds when ari.d'as same falls Glue. not Section 6. Said bonds shall be first offered at par and ao- orued interest to the Directør øf Finance of the City øf Lakewood and to the officers having eharge of the treasury investm$nt account and so many øf the same a$ $hall not be taken 1Dy said officers s~all be advertised and søld at publie sale ~n the manner provided by law at less than par value and accrued ~nterest thereon. Section 7. The bond sale advertisement s~all state that anyoRe desiring to dø so may present a bid or b~ds for such bonds based upon t~eir bearing a different rate øf interest than hereinBefore fixed, provided, however, t!:lat where a fraetional interest rate is bid, suc!:l fraction shall be one..quarter øf one per cel3.t or multiplet!:lereof; the amoant of the bønd or certified o~eck to accompal3.Y bids s~all 1De nøt less t~an fiwe hundred døllars. Seotien It is hereby determined that all acts, eønditions and things neeessary to be done pursuant to and in the iss\dJng of these bonds in order to make them legal, valid and b~nding øbligations of said City, have lDeen done, performed and have !:lappenàd ~n regular and due førm as requ~reGl by law. Section 9. Tnat the D~reetor øf F~nanoe is ~ereby directed to forward a certified copy of this ørGlinance to the County Aud~tor. Seetion 10. T~at th~s ord~nance is an emergency measure før the reasons stated in the preamble hereof, al1d prøvided it reoeives the ,......-....,.""'_~l