68-67 BAN - Sewage Disposal Plant

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Section 2. That said bonds shall be dated, approximately December 1, 1968, shall bear interest at the estimated rate of three and three-quarters per centum (3-3/4~) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-five substantially equal annual installments after '6heir issuance. Section 3- That it is necessary and this Council hereby determines that a note in the principal amount of $3,200~000 shall be issued in anticipation of the issuance of said bonds and to pay and retire said existing note dated December 23~ 1966. Section 4, That such anticipatory note with amount aforesaid, shall bear interest at the rate of three and seven-tenths pel centum (3.~) per annum, payable at maturity; shall be dated December 22, 1967; shall mature on or before December 20, 1968. Section 5. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation, shall be payable at the main office of Society National Bank of Cleveland: Cleveland, 0hio~ and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. That 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 aud sold to Society 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 purchase 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. That said n~te 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 ~aid note and any excess funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereou~ and is hereby pledged for such purpose. Section 8. That 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. That it is hereby determined that all acts, conditions and things required 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 iu regular and due form as required by law; 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 issuance of this note does not exceed any limitation of indebtedness now fixed by law. Section lO. That the Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor.