3645 - 55 Issue sewer improvement bonds

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RESOLUTION NO. 3645 BY Mr. Fahrenbach AN EMERGENCY RESOLUTION declaring the necessity of issuing Sewer Improvement Bonds of the City of Lakewood in the principal amount of Three Hundred and Fifty Thousand Dollars ($350,000.00), fixing the pur- pose and the approximate date, interest rate and maturity of said bonds, and declaring the necessity of the le iof a tax outside of the limita- tion imposed by Section 2 of Article ~ of the Ohio Constitution to pay the interest on and to retire the said bonds. WHEREAS an emergency exists for the reasons that this Council desires to submit the question to the electors at the election to be held November 8, 1955, in that Revised Code section 133.O9 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. It is hereby declared necessary to issue Sewer Im- provement Bonds of the City of Lakewood iq.the principal amount of Three Hundred and Fifty Thousand Dollars ($350,000.00) for the purpose of constructing, improving, repairing, extending, enlarging and changing the line of sanitary and storm sewers. Section 2. It is declared necessary to levy a tax outside of the limitation imposed by Section 2 of Article XII of the Constitution of the State of Ohio in order to pay the interest on and to retire said bonds; and that the question of the issuance of said bonds and the levy of such tax shall be submitted to the electors of the City of Lakewood at the next November election to be held November $, 1955. This Council hereby fixes the approximate date of said bonds_to be January.1. 1956, the approximate interest rate to be two and one half percent (2~%) per annum.payable semi-annually and said bonds shall bepayable in twenty- five (25) annual installments m~.tu~.ing in substantially equal amounts during a period of twenty-five (25~ years after the authorization there Section 3. That the Clerk of this Council shall deliver a cer- tified copy of this resolutio~ to.the County Auditor of Cuyahoga County at least one hundred and ten {110) days prior to November 8, 195~ for his calculation of the average annual taxlevy required throughout the life of said bonds to pay the interest on, and to retire such bonds, assuming that the said bonds are all issued in one series and that the amount of tax list of the City of Lakewood remains throughout the life of said bonds the same as the amount of tax list for the current year. Section ~. That this resolution is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and, provided 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, 1955 Wm. R. Fairgrieve President H. A. ~ees Approved: July 6, 1955 Clerk . A...I. Kauffman Nayor