59-80 Property owner's portion - streets - BAN

Home Browse Search

2 manuscript bond in the amount of $29,744.44 numbered M-1 and dated September 1, 1925, shall be issued in lieu of the series of coupon bonds described in the paragraph immediately above and such bonds shall be payable to the Director of Finance of the City of Lakewood as officer in charge of the Bond Retire- ment Fund, in installments of $7,744.44 on December 1, 1982 amd $7,000.00 on the first day of December in each of the years 1983 and 1984, and $8,000.00 on December 1, 1985, and shall bear interest at the rate of seven and one- half per centum (7-1/2%) per annum, payable on the first day of June, 1981 and semi-annually thereafter on the first days of June and December of each year until the principal sum is paid. The principal sum of the temporary manuscript bond and the interest thereon shall be payable at the office of the Director of Finance Lakewood, Ohio, in lawful money of the United' States of America upon the presentation of such bond for the proper endorsement thereon of such payments. Whenever it seems advisable to the authority having control of the Bond Retirement Fund of the City of Lakewood, the temporary manuscript bond shall be converted into coupon or registered bonds of the same maturity and rate of interest in accordance with the provisions of Section 133.19, Revised Code, and such definitive bonds shall be issued in exchange for the temporary manuscript bond. The bonds of this issue, shall be subject to call in whole or in part in inverse order of maturity at any time at par and accrued interest to the date of redemption. If less than all bonds of any one maturity are called at one time, then the bond or bonds to be redeemed shall be selected by lot in a manner to be determined by Council. Any right of redemption of bonds shall be exercised by resolution or ordinance of Council. If the outstanding bonds are in coupon form, notice of redemption, specifying by numbers the bonds to be called, shall be published once in a newspaper of general circulation in the City of Lakewood, such publication to be made not less than ten (10) nor more than twenty (20) days prior to the date of redemption. If the outstanding bonds are tn manuscript form and held by the officer in charge of the Bond Retierment Fund, notice of redemption shall be served on such officer and no published notice shall be given, and the principal of such bond may be called for redemption in whole or in part at any time by resolution adopted by this Council designating the principal amount to be called and the maturity or maturities from which. called without regard to any other requirement of this paragraph. Upon the redemption date, all interest upon bonds so called shall cease unless default shall be made in the payment of the redemption price and accrued interest to the redemption date, upon presentation of such bonds° Section 3. Said coupon bonds and manuscript bond shall be executed by the }~yor and Director of Finance provided that one of such signatures may be a facsimile and shall bear the corporate seal of said City. Interest coupons attached to said coupon bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. Said bends shall be payable in lawful money of the United States of America at the office of the Director of Finance, City Hall, Lakewood, Ohio. Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in the City of Lakewood in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and~hen 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 tax required by Section 11 of Article XII of the Constitution of Ohio; provided, however, that in each year to the extent that the assessments anticipated by said bonds are available for the pay- ment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. Said tax shall be and is hereby ordered, computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general