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easements described in Resolution Nos. 5577 and 5602, duly adopted by <br />the City Council on 3une 15, 1981 and September 21, 1981, respectively, <br />by constructing thereon breakwalls with concrete modules and end returns <br />together with the necessary appurtenances thereto. Said bonds shall be <br />issued in one lot and notes have been issued in anticipation of said <br />bonds. <br /> <br /> Section 2. Said bonds shall be dated December 1, 1982; shall <br />be numbered from 1 to 48, inclusive; shall be of the denomination of <br />$5,000 each, with the exception of bond no. 1, which shall be of the <br />denomination of $1,000; and shall bear interest at the rate of twelve <br />per centum (12,%) per annum, payable semi-annually on the first day of <br />3une and the first day of December of each year, beginning 3une 1, 1983, <br />until the principal sum is paid; provided, however, that if the bonds <br />are sold bearing a different rate of interest than herein specified, <br />such bonds shall bear such rate of interest as may be provided in the <br />resolution of Council approving the award thereof. Such bonds shall <br />mature as follows: $21,000 on December 1 in the year 1984; $20,000 on <br />December 1 in the years 1985 and 1986; and $25,000 on December 1 in each <br />of the years from 1987 to 1993, inclusive; which maturities are hereby <br />determined to be in substantially equal annual installments. <br /> <br /> Section 3. Said bonds shall express upon their faces the <br />purpose for which they are issued and that they are issued pursuant to <br />this ordinance; shall be designated "Breakwall Bonds"; shall be executed <br />by the Mayor and by the Director of Finance, one of whose signatures may <br />be a facsimile signature; and shall bear the corporate seal of the City <br />or a facsimile thereof. The interest coupons attached thereto shall <br />bear the facsimile signature of the Director of Finance printed or <br />lithographed thereon and principal and interest thereon shall be payable <br />in lawful money of the United States of America at the office of the <br />legal depository of the City, presently AmeriTrust Company, Cleveland, <br />Ohio. <br /> <br /> Section 4. Said bonds shall be first offered at par and <br />accrued interest to the Director of Finance, as officer in charge of the <br />Bond Retirement Fund, 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, but not for less than their <br />par value and accrued interest. The proceeds from the sale of said <br />bonds, except the premium and accrued interest thereon, shall be used <br />for the purpose aforesaid and for no other purpose. The premium and <br />accrued interest shall be paid into the Bond Retirement Fund to be <br />applied to the payment of the principal and interest of said bonds in <br />the manner provided by law. <br /> <br /> Section 5. For the purpose of providing the necessary funds <br />to pay the interest on the foregoing issue of bonds promptly when and as <br />the same falls due, and also to provide a fund sufficient to discharge <br />the said serial bonds at maturity, there shall be and is hereby levied <br />on all taxable property in the City of Lakewood, in addition to all <br />other taxes, a direct tax annually during the period said bonds are to <br />run in an amount sufficient to provide funds to pay the interest upon <br />said bonds as and when the same fall due, and also to provide a fund for <br /> <br />-2- <br /> <br /> <br />