03-71 Issue bonds to acquire property for parking garage

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SECTION 2. Said bonds in the principal sum of SJ~OO,O00 shall be issued in the denomination of ~;~,OOO each; sh~ll be numbered from 1 to 160. both inclusive, and shall be dated February 1, lff/1. Sai. d bonds skal], bear interest at the rate of five per centum (5~/~) per annum, payable June 1, 1971 and s. emi- annually thereafter on the first day of December and the first day of June of each year, until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than hereinabove specified, then the sam~ bonds shall bear such rate of interest as m-~y be provided in the resolu- tion of Council approving the award thereof. Said' bonds shall mature as follo~s: $100,000 on December 1 in the years 1972 to 1979, both inclusive, which said maturities are hereby determined to be in substantially equal annual install- ments. SECTION 3. That said bonds shall express upon their face the purpose for which they are issued; that they are~ued in pursuance of this ordinance and shall be signed by the ~yor and Director of Finance, and sealed with the corporate seal of said City, provided that one of such signatures may be a facsimile signature. The interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. The bonds shall be payable iu lawful money of the United States of America at the office of the legal depositary of the City, presently The Cleveland Trust Company, Cleveland, Ohio. SECTION 4. That for the purpose of providing the necessary funds to pay the interest ou the foregoing issue of bonds, promptly when and as the same fall due and also to provide a fund sufficient to discharge the said ser{al bonds at maturity, there shallbe and is hereby levied oU all the taxable property iu said City of Lakewood, iu addition to all other taxes, a direct tax annually during the period said bonds are to'run iu au amount sufficient to provide funds to pay the interest uoou said bonds as and when the same falls due and also to provide a fund for th~ discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section ll of Article XII of the Constitution; provided, hmcever, that iu each year to the extent thatsurplus parking revenues are available for the payment of such bonds and are appropriated for such purpose, the 'amount of such tax shall be reduced by the amount of such funds so available and appropriated. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate, and collected by the same officers, iu the same manner and at the same time that taxes for general purposes for each of said years are certified~ extended and collected. Said tax shall be placed before and iu preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be pieced in a separate and distinct fund, which together with all interest collected on the same, shall be irrevocably pledged for the pa.~eut of the interest and principal of said bonds when and as the same fall due. SECTION 5. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and to uo other purpose whatsoever. SECTION 6. That said bonds st~all be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund ~n his official capacity, and if sai~ officer 'refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold iu the m~muer pro- vided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose for which said bonds are issued and for no other purpose; the premium.and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds in the manner provided by law.