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SECTION 1. ~%at it is hereby declared necessary to issue bonds
<br />of the City of Lake~ood in the principal st~ of ..+.52,000 for the purpose of
<br />paying the property o~a~ers' portion, in anticipation of the collection of
<br />special assessments heretofore levied, of the cost of improving certain
<br />properties for off-street parking of motor vehicles in the City of Lakewood,
<br />Ohio, by acquiring real estate, demolishing, existing buildings, grading,
<br />paving, curbing, lighting, fencing and providing draina~.e facilities together
<br />with the necessary appurtenances thereto and ~idening C.%rabel Avenue in front
<br />of such properties by relocating the curb snd grading and paving.
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<br /> SECTION 2. Said bonds in the principal sum of $52,000 shall be
<br />issued in the denondnation of $1,O00 each; shall be numbered from I to 52,
<br />both inclusive, and shall be dated ~y l, 1972. Said bonds shall bear interest
<br />at the rate of five per centum (5%) per annum, payable December l, 1972 and
<br />semiannually thereafter on the first day of December and the first day of june
<br />of each year, until the principal sum is paid; provided, however, that if said
<br />bonds are sold bearing a different rate of interest than hereinabove specified,
<br />then the same bonds shall bear such rate of interest as may be provided in the
<br />resolution .of Council approving the award thereof. Said bonds shall mature as
<br />follows: $2,000 on December i in each of the odd-numbered years and $3,000
<br />on December i in each of the even-numbered years from 1973 to 1993, both
<br />inclusive, which said maturities are hereby determined to be in substantially
<br />equal annual installments.
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<br /> The bonds of this issue maturing on and after December l, 1988 shall
<br />be subject to call in ~ole or in part in inverse order of maturities on any
<br />interest payment date on and after December l, 1987 at par and accrued interest
<br />to the date of redemption. If less than all of the bonds of any one maturity
<br />are called at one time, then the bond or bonds to be redeemed shall be selected
<br />by lot in a ms_uner determined by Council. Any right of redemption of bonds
<br />shall be exercised by resolution or ordinance of Council. Notice of redemption,
<br />specifying by numbers the bonds to be called, shall be published once in a
<br />financial Journal of national circulation, such Dublication to
<br />be made not less than ten (lC) nor more than twenty (20) days prior to the date
<br />of redemption. Upon the redemption date, all interest upon bonds so called
<br />shall cease, unless default shall be made in the payment of the redemption
<br />price and accrued interest to the redemption date upon presentation of such
<br />bonds.
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<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 this
<br />ordinance and shall be signed by the M~yor and Director of ~inance provided that ~
<br />one of such signatures may be a facsimile signature, smd sealed with the corporate
<br />seal of said City or a facsimile thereof. The interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or
<br />lithographed thereon. The bonds shall be payable in lawful money of the United
<br />States of America at the office of the legal depositary of the City, presently
<br />The Cleveland Trust Company, Cleveland, Ohio.
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<br /> SECTION 4. That for the purpose of providing the necessary funds to
<br />pay the interest on the foregoing issue of bonds, promptly when and as the
<br />same fall due and also to provide a fund sufficient to discharge the said
<br />serial bonds at maturity, there shall be and is hereby levied on all the
<br />taxable property in said City of Lakewood, in addition to all other taxes, a
<br />direct tax annually during the period said bonds are to run in an amount
<br />sufficient to provide funds to pay the interest upon said bonds as and when
<br />the same falls due and also to provide a fund for the discharge of the principal
<br />of said serial bonds at maturity, which tax shall not be less than the interest
<br />and sinking f"~nd tax required by Section ll of Article XII of the Constitution;
<br />provided, however, that in each year to the extent that the assessments
<br />anticipated by said bonds are available for the payment of such bonds and are
<br />appropriated for such purpose, the amount of such tax shall be reduced by the
<br />amount of the assessments so available and appropriated.
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