58-71 Bonds to pay for modernizing Lakewood Hospital

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-2- Section 3. That said bonds shall'exoress upon their face the purpose for which they are issued; that they are issue~ in pursuance of this ordinance and shall be signed by the Mayor and Director of Finance, and the corporate seal of said City shall be affixed thereto or a facsimile thereof shall be re- produced thereon, provided that one of such signatures may be ~. facsimile sig- nature. The ~nterost coupons attached to said bonds shall bea~' the facsimile signature of the Director 6f Finauce printed, or lithographed thereon. They shall be design~ted "Ho~;'0ital Improvement Bonds of 1971-2" and shall be payable in lawful money of the U~ited 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 providi~-~g the necessary funds to pay the interest on the foregoing issue of bonds, promptly when and as the same fall due ~d also to provide a fund sufficient to discharge the said seri~l bonds at ms. turity, there shall be and is hereby levied on all the taxable pro- perty in said City of Lakewood, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an ~ount sufficient to provide fLuuds to pay the interest upon said bonds as and when the same fall due and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund t~ required by Section 'll of Article XII of the COnstitution; provided, however, th~ in each year to the extent that the income from the City's hospital is available for the payment of such bonds and is appropriated for such purpose, the amount of such tax shs2[1 be reduced by the amount of such income so available and ~ppr0priated. ' Said tax sh~ll be and. is hereby ordered comPuted, certified, levied and extended upon the t~ duplicate and collected by the s~.? officers in the same manner and at the same time that taxes for general pur~oses for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which tog-~ther with all interest collected on the same, shall be irrevocably pledged for the payment of the interest and princi- pal of said bonds when and as the same fall due. Section 5. That said bonds shall be first offered at par and accrued interest tc the officer in ch-~rge of the Bond. Retirement Fund in his official capacSty, and if said officer refuses to take any or all of said bonds, then said bonds not so t'~ken shall be advertised fbr public sale e~nd sold in th~ manner provided by law. The proceeds from the sale of said bonds, except ~he prem/um and acc~ued interest thereon, shall be used for the purpose for ~hich 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. The Director of Finance is authorized to publish a notice of sale in The Daily Bond Buyer.