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2 <br /> <br />$~0,000 on December 1 in each of the years from 1972 to 1991, both inclusive. <br /> <br />Said maturities are hereby determined to be in substantially equal annual <br />installment s. <br /> <br /> · Section 3. That said bonds shall express upon their face the <br />purpose for which they are issued; that they are issued in pursuance of <br />this ordinance and shall be signed by the Mayor and Director of Finance, <br />and the corporate seal of said City shall be affixed thereto or a facsimile <br />thereof shall be reproduced thereon, provided that one of such signatures may <br />be a facsimile signature. The interest coupons attached to said bonds shall <br />bear the facsimile signature of the Director of Finance printed or lithographed <br />thereon. They shall be designated "Hospital Improvement Bonds of 1971-~'and <br />shall be payable in lawful money of the United States of America at the office <br />of the legal depositary of the City, presently The Cleveland Trust Company, <br />Cleveland, Ohio. <br /> <br /> Section 4. That for the purpose of providing the necessary <br />funds to pay the interest on the foregoing issue of bonds, promptly when <br />and as the same fall due and also to provide a fund sufficient to discharge <br />the said serial bonds at maturity, there shall be and is hereby levied on <br />all the taxable property in said City of Lakewood, in addition to all other <br />taxes, a direct tax annually during the period said bonds are to run in an <br />amount sufficient to provide funds to pay the interest upon said bonds as <br />and when the same fall due and also to provide a fund for the discharge <br />of the principal of said serial bonds at maturity, which tax shall not be <br />less than the interest and sinking fund tax required by Section 11 of <br />Article XII of the Constitution; provided, however, that in each year to <br />the extent that the income from the City's ihospital is available for the <br />payment of such bonds and is appropriated for such purpose, the amount of <br />such tax shall be reduced by the amount of such income so available and <br />appropriated. <br /> <br /> Said tax shall be and is hereby ordered computed, <br /> certified, levied and extended upon the tax duplicate and collected by <br /> the same officers in the same manner and at the same time that taxes for <br /> general purposes for each of said years are certified, extended and collected. <br /> Said tax shall be placed before and in preference to all other items and <br /> for the full amount thereof. The funds derived from said tax levies hereby <br /> required shall be placed in a separate and distinct fund, which together <br /> with all interest collected on the same, shall be irrevocably pledged for <br /> the payment of the interest and principal of said bonds when and as the <br /> same fall due. <br /> <br /> Section 5. That said bonds shall be first offered at par and <br />accrued interest to the officer in charge of the Bond Retirement Fund in <br />his official capacity, and if said officer refuses to take any or all of <br />said bonds, then said bonds not so taken shall be advertised for public <br />sale and sold in the manner provided by law. The proceeds from the sale <br />of said bonds, except the premium and accrued interest thereon, shall be <br />used for the purpose for which said bonds are issued and for no other purpose; <br /> <br /> <br />