3644 - 55 Certify max maturity - sewer improvement bonds

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RESOLUTION NOo 36&~ BY Mr. Fahrenbaoh AN EMERGENCY RESOLUTION requesting the Director of Finance to certify to this Council the maximum maturity of the bonds and his estimate of the life of the permanent improvements proposed to he quired, constructed, improved, repaired, extended, orm~larged from the proceeds of sewer improvement bonds proposed to be issued as herein- after provided. WHEREAS, this Council contemplates submitting to the electors of the City of Lakewood, the question of issuing bonds in the amount of Three Hundred Fifty ThOusand Dollars ($350,000o00) for the purpose of constructing, improving, repairing, extending, enlarging and changing the line of sanitary and storm sewers; and WHEREAS, sections 133.21 and 133o24 of the Revised Code provide that before any resolution,'ordinance, or other measure providing for the issuance of bonds is passed er adopted, the fiscal officer shall certify to the bond-issuing authority the maximum maturity of such bonds calculated in accordance with the provisions of section 133.20 of the Revised Code including the weighted average of the amounts proposed to be expended for the several classes of the improvements and, also, that the fiscal officer shall certify the estimated life of the asset, property, eonstruction or permanent improvements pro- posed to be acquired, constructed, improved, extended, or enlarged from the proceeds of said bonds; and WHEREAS, the Director of Finance is the fiscal officer of the City of Lakewood, as defined in section 133.01 of the Revised Code; and WHEREAS, this resolution constitutes an emergency for the reasons that this Council desires to submit the question to the elect- ors at the election to be hela NOvember 8, 1955, in that Revised Cede section 133.09 requires the taxing authority to certify the resolution submitting the question of issuing bonds to the County Auditor at least 110 days prior to the election at which it is desired to submit such question, and in that it provides for the public health, welfare, and safety and the usual daily operation of a Municipal Department; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Director of Finance be, and he is hereby, requested to certify to this Council the maximum maturity of said bonds, the estimated life of said permanent improvements, and such further information as may be required by law. Section 2. This resolution is hereby declared to be an emer- gency measure for the reasons stated in the preamble hereof and, pro- vided it receives the affirmative vote of two-thirds of all members elected to Council, it shall take effect and be in force immediately upon its adoption. Adopted: July 5, 19~~ _ Wm. R. Fairgr~eve president of Council Approved: July 6, !~ H. A. Roes Clerk of CoUncil _ A.I. Kauffman