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RESOLUTION NO. 3730 BY Mro Quinn <br /> <br /> A RESOLUTION declaring the necessity of issuing municipal de- <br />partments and administration building bonds of the City of Lakewood <br />in the principal amount of one million five hundred thousand dollars, <br />fixing the purpose and the approximate date, interest rate and maturity <br />of said bonds, and declaring the necessity of the levy of a tax out- <br />side of the limitation imposed by Section 2 of Article XII of the Ohio <br />Constitution, to pay the interest on and to retire the said bonds. <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE <br />OF OHIO: <br /> <br /> Section t. It is hereby declared necessary to issue municipal <br />departments and administration building bonds of the City of Lakewood <br />in the principal amount of one million five hundred thousand dollars <br />for the purpose of constructing a municipal departments and administra- <br />tion building and acquiring equipment, furniture and furnishings for <br />said building. <br /> <br /> Section 2. It is declared necessary to levy a tax outside of <br />the limitation imposed by Section 2 of Article XII of the Constitution <br />of the State of Ohio in order to pay the interest on and to retire <br />said bonds; and that the question of the issuance of said bonds and <br />the levy of such tax shall be submitted to the electors of the City of <br />Lakewood at the next November election to be held November 6, 1956. <br />This Council hereby fixes the approximate date of said bonds to be <br />February l, 1957, the approximate interest rate to be three per cent <br />per annum, payable semi-annually, and said bonds shall be payable in <br />twenty-three annual installments maturing in substantially equal <br />amounts during a period of twenty-three years after the authorization <br />thereof. <br /> <br /> Section 3. That the Clerk of this Council shall deliver a <br />certified copy of this resolution to the County Auditor of Cuyahoga <br />County~at least llO days prior to November 6, 1956, for his calcula- <br />tion of the averaEe annual tax levy required throughout the life of <br />said bonds to pay the interest on, and to retire such bonds, assuming <br />that the said bonds are all issued in one series and that the amount <br />of tax list of the City of Lakewood remains thnQnghout the life of <br />of said bonds the same as the amount of tax list for the current year. <br /> <br /> Section 4. This resolution shall take effect and be in force <br />from and after the earliest period allowed by law. <br /> <br />Adopted: July 16, 1956 <br /> <br />Approved: July 17, 1956 <br /> <br />Thomas C. Ward <br /> President <br /> <br />H. A. Rees <br /> Clerk <br /> <br />Frank, P. C~,leste <br /> Mayor <br /> <br /> <br />