36-70 BAN - property owners portion to improve streets

Home Browse Search

bearin~ a dlf~.c~c:~t rate of iu'te~c..wl. 'tha~ herein specified, such b0uds shall bear such rate of ' ~ ...... · nt~.~t a~ ma~ be provided iu the resolutiou of Council approvin~ t~e awa~.d thereo~~. ~uch bonds shall matte in t~eir consecutive serial order a:~-~ollow~:' ~ ~ $1,930 on December 1, 197t~ and ~ ,~,0~0 on cc:nbcr 1 in each of the years from 1972 to 1975, inclusive, which maturities are hereby determined to be in substantially equal annual in sta 1]m~e nt s. Provided, however, that if the Director of Finance shall accept for purchase into the Bond Retirement Fuud this issue, then a single temporary manuscript bond in the amount of $9,930 n~mbered M-1 and dated July 1, 1970, shall be issued in lieu of the series of coupon bonds described in the ~ara- graph immediately above and such bond shall be payable to the Director Sf Finance of the City of Lakewood as officer in charge of the Bond Retirement Fund, in installments of $1,930 on December 1, 1971, and $2,000 on the first day of December in each of the years from 1972 to 1975, inclusive, and shall bear interest at the rate of six and one-half per centrum (6 1/2~) per ann,~m, payable on the first day of December, 1970 and semi-annually thereafter on the first days of June and Dece~oer of each year until the principal sum is paid. The principal sum of the temporary manuscript bond and t~he interest thereon shall be payable at the office of the Director of FinanCe, Lakewood, Ohio, in lawful money of the United States of America upon the presentation of such bond for the proper endorsement thereon of such payments. ~enever it seems advisable to the authority having control of the Bond Retirement Fund of the City of Lakewood, the temporary manuscript bond shall be converted into coupon or registered bonds of the same maturity and rate of interest in accordance with the provisions of Section 133.19, Revised Code, and such definitive bonds shall be issued in exchange for the temporary manuscript bond. The bonds of this issue shall be subject to call in whole or in part in inverse order of.maturity on any interest payment date at par and accrued interest to the date of redemption. 'If le$~ than all bonds of any one maturity are called at one time, then the bond or bonds to be redeemed shall be selected by lot in a manner to be determined by Council. Any'right of redemption of bonds shall be exercised by resolution or ordinance of Council. If the out- standing bonds are in coupon form, notice of redemption, specifying by n~mbers the bonds to be called, shall be published once in a newspaper of general circulation in the City of Lakewood, such publication to be made not less than ten (10) nor more than twenty (20) days prior to the date of redemption. If the outstanding bonds are in manuscript form and held by the officer in charge of the Bond Retirament Fund, notice of redemption shall be served on such officer and no published notice shall be given. Upon the redemption date, all interest upon bonds so called shall cease unless default shall be made in the payment of the redemption price and accrued interest to the redemption date, upon presentation of such bonds. Section ~ Said couoon bonds and manuscript bond shall be executed by the Mayor and Director of F~nance provided that one of such signatures may be a facsimile and shall bear the corporate seal of said City. Interest coupons attached to said coupon bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. Said coupon bonds shall be payable in lawful money of the United States of America at the office of the Director of Finance, City Hall, L~kewood, Ohio.