88-65 BAN - expand sewage disposal plant

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Section 2. That said bonds shall be dated approximately December l, 1966~ shall bear interest at the estimated rate of three and three-quarters per centum (~-3/4%) per annum~ payable semi-annually~ until the principal sum is paid~ and shall mature in twenty-five substaatially equal annual installments after their issuance. Section ~. That it is necessary and this Council hereby determines that note in the principal amount of ~,600,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire said existing note dated December 2~ 1964. Section 4. Such anticipatory note shall bear interest at the rate of two and ane half per centum (2-1/2~) per annum~ payable at maturity; shall be dated December 2~, 1965~ shall mature on or before December 2~ 1966. Section 5. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be payable at the main office of Society National Bank of Cleveland~ Cleveland~ Ohio~ and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Subject to the rejection of said note by the Director of Finance for investment in the Bond Retirement Fund~ said note shall be and hereby is awarded and sold to 8ociety National Bank of Cleveland~ Cleveland, Ohio~ at the par value thereof~ and the Director of Finance is hereby authorized and directed to deliver said note~ when executed~ to the purchaser upon payment of such pur- chase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. Section 7. Said note shall be the full general obligation of the City of Lakewood 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 received from the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall~ to the extent necessary, be used only for the re- tirement of said note at maturity~ together with interest thereon~ and is hereby pledged for such purpose. Section 8. During the period while such note runs, there shall be levied on all the taxable property in the City of Lakewood~ in addition to all other taxes and outside of tax limitations, a direct tax annually not less than that which Would have been levied if bonds had been issued without the prior issue of such note. Section 9. It is hereby determined that all acts, conditions and things re- quired to be done precedent to and in the issuance of said note, in order to make it a legal~ valid and binding obligation of the City of Lakewood~ have happened~ been done and performed in regular and due form as required by l~w~ that the tax for the payment of the principal and interest of the bonds anticipated is unlimited as to amount or rate; and that the amount of indebtedness to be incurred by the is- suance of this note does not exceed any limitation of indebtedness now fixed by law. Section lO. The Clerk of this Council is hereby directed to forward a certifiedcopy of this ordinance to the County Auditor.