3646 - 55 Submit to electors - issue bonds to improve sewers

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RESOLUTION NO. 3646 BY Mr. Chockley AN EMERGENCY RESOLUTION determining to submit to the electors of the City of Lakewood, Ohio, the question of issuing bonds in the principal amount of Three Hundred and Fifty Thousand Dollars ($350,000.00) for the purpose of constructing, improving, repairing, extending, enlarg- ing and changing the line of sanitary and storm sewers. WHEREAS, this Council on July 5, 1955, adopted Resolution No. 3645 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) for the Purpose of constructing, improv- ing, repairing, extending, enlarging and changing the line of sanitary and storm sewers and providing for the submission to the electors of the City of Lakewood at the next November election the question of issu- ing said bonds and the levy of a tax outside of the limitation imposed by Article XII, Section 2 of the Constitution of the State of Ohio in order to pay the interest on and retire said bonds; and WHEREAS, the Auditor of Cuyahoga County, Ohio, has certified to this Council his calculation of the average annual levy throughout the life of the bonds provided for in said Resolution No. 3645, which will be required to pay the interest on and retire said bonds to be .1205 mills for each one dollar ($1.00) of valuation and 1.205 cents for each one hundred dollars ($100.00) of valuation, and WHEREAS, this resolution is declared to be an emergency for the reasons that the next November election will be held November 8, 1955, that it is required of this Council to certify its resolution to the Board of Elections of the County not later than four p.m. of the nine- tieth day before the day of such election, that it is expected that this Council will be in vacation with the attendant elimination of council meetings for a period between the date of adoption of this resolution and the date in the month of August which will be the ninetieth day before such November election, and for the further reason that this resolution provides for the public health, welfare and safety and the usual daily operation of a municipal department; now, therefore, OHIO: BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF Section 1. That this Council desires to proceed with the issue of bonds in the amount of Three Hundred and Fifty Thousand Dollars $350,000.00) for the purpose of constructing, improving, repairing, ex- tending, enlarging and changing the line of sanitary and storm sewers and to submit the question of issuing said bonds to the electors of the City of Lakewood, Ohio; that the Clerk of this Council be, and he is hereby, directed to certify this resolution and Resolution No. 3645 adopted July 5, 1955, to the Board of Elections of Cuyahoga County, Ohio, together with the amount of the average tax levy, expressed in dollars and cents, for each one hundred dollars of valuation, as well as in mills for each one dollar of valuation, estimated by the County Auditor as 1.205 cents for each one hundred dollars of valuation and as .1205 mills for each one dollar of valuation, and the maximum number of years required to retire said bonds, namely, twenty-five (25) years, which Board of Elections is hereby requested to prepare the ballots and make other necessary arrangements for the submission of the question to the voters of the City of Lakewood including publication of the notice of the election in accordance with the provisions of Revised Code, Sections 133.09 and 133.11. Section 2. That this resolution is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and, pro- vided it receives the affirmative vote of two-thirds of al~ members elected to Council it shall take effect and be in force immediately upon its adoption. Adopted: July 18, 1955 Approved: July 19, 1955 A. I. Ksuffm~n - Mayor Wm. R. Fairgrieve President H. A. Rees uler~