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<br />Robim¢o~d Avc'm~c, and Sec'nit Sire, et by Lhc, nt'c'es~;;try grading of thc,
<br />re.sut-t[;lcJn~ with as;phalLic concrete, repl. acing and rcs(~rt:ing of c'urbs to-
<br />
<br /> the n~:mner provided in Res;olur.ions Nos. 4756, fi75S, ff, 759, /4760, 4761,
<br />4762~ hncl 4763, adopted February 16, 1970. Of said amoun[ the City's
<br />tion is ~30,600 and the property owners* portion 5s $5,144.
<br />
<br /> Section 2. That said bonds shall be dated approximate].y June ].,
<br />].975, shall, bear interest at the estimated rate of .~;~x pc, r centum (6%) per
<br />annum, payabl, e semi-annually, until thc principal sum 'i.s paid and shal_l ma-
<br />ture in five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That for the purpose of raish~g money in anticipation
<br />of the levy and collection of special assessments and of tlm ismmnce of
<br />the aforesaid bonds for the above described Jmprow2ments, it is hereby de-
<br />clared necessary to issue and there shall be issued a note in the principal
<br />amount of $35,744.
<br />
<br /> Section 4. That said note shall bear interest at the rate of
<br />six and fifty-five one-hundredths per centum (6.55Z) per ammm, payab].e
<br />a,t maturity, shall be dated the date of issuance and shall mature on or
<br />before June 18, 1975.
<br />
<br /> Section 5. That such note shall be executed by the Hayer and
<br />Director of Finance and bear the seal of tt%e corporation. It shall be pay-
<br />able at the office of the Director of Finance, City Hall, Lakewood, Ohio,
<br />and shall express upon its face the purpose for which it is issued and that
<br />it is issued pursuant to this ordinance.
<br />
<br /> Section 6. All assessments collected for the improvement afore-
<br />said, and any unexpended balance remaining in the Jmprovement fund after
<br />the costs and expense of said improvements have been paid, shall be applied
<br />to the payment of said note and the interest thereon until both are fully
<br />paid f or.
<br />
<br /> Section 7. Subject to the rejection of said note by the Direc-
<br />tor of Finance for investment in the Bond Retirement Fund, said note Js
<br />hereby so].d and awarded to Central National Bank of Cleveland, Cleveland,
<br />Ohio, at the par value thereof; and the Director of Finance is hereby au-
<br />thorized and directed to deliver said note, when executed, to such purchaser
<br />upon payment of such purchase Price. The proceeds of such sale shall be
<br />paid into th~ proper fund and used for the purpose for which said note is
<br />being issued under the provision of this ordinance.
<br />
<br /> Section 8. Said note shall be the-full general obligation of
<br />the City of Lakcwood and the full faith, credit and revenue of s~nid City
<br />are hereby pledged for the prompt payment of the same. 'l'~e par w~lue to
<br />be received from the sale of the bonds antic~p;~ted bv said note and any
<br />excess fund resulting from the issuance of said n~t'~, ~;l~al. 1 to the ext. c,nt
<br />neccssary be used on.lv for the retirement of s;~id nott, at maturity, to-
<br />gether with interest thereon, and is hereby plctd};t,d for such lmrpose~;.
<br />
<br /> Tlw (;ltv hereby covt'nants that it w£ll rt.:;Irict the re;c, of thc
<br />pI'o('~,t,d~; el tile l~Ot_(, in ~tlt:h Ill;IIII1UI' ;tml to ~;ut'h ('xL(.'lll., [[ ;lllV, ;1~1 [ll:ly
<br />be necessary, after taking lute account rtmsonable, t,>:twct'ation:; at the
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