4004 - 60 Issue water main bonds

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RESOLUTION NO. 4004 BY: Messrs. Gottermeyer, Huffman, Lawther, Ward, Williamson, Chockley, Gaydos. A RESOLTtTION declaring the necessity of issuing Water Main Bonds of the City of Lakewood, Series B in the principal amount of two hun- dred and five thousand dollars for the purpose of improving the water distribution system by installing mains and the necessary valves, hy- drants and other appurtenances incidental and necessary thereto. WHEREAS, It is necessary to improve the water distribution system of the City of Lakewood; now, therefore, BE IT RESOLVED BY THE C0~CIL OF TRE CITY OF LAKEW©OD, STATE OF CHI0: Section 1. It is hereby declared necessary to issue Water Main Bonds of the City of Lakewood, Series B in the principal amount of two hundred and five thousand dollars for the purpose of improving the water distribution system b~installing mains and the necessary valves, hydrants and other appurtenances incidental and necessary thereto. Section 2. That said bonds shall be the full general obliga- tion of the City of Lakewood, and the full faith, credit and revenues of said City are hereby irrevocably pledged for the payment of both principal and interest of said bonds in accordance with law and the constitution of the State of Ohip; that for the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds, promptly when, and as the same fall due and also to provide a fund sufficient to discharge said serial bonds at maturity, there shall be and it is hereby levied on all taxable property in said City of Lakewood, Ohio, in addition to all other taxes, a direct tax annually during the period said bonds are to run, in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same falls due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking And tax bonds at maturity required by Section ll of Article XII of the constitution of the State of Ohio, and of the statutes pertaining thereto; providing, however, that in each year in which surplus earnings of the water works system shall be available and appropriated to pay the interest on and principal of said bon~s, then to that extent the tax, hereinbefore provided for, shall be reduced accordingly. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same timethat taxes for gen- eral purposes in each of said years are certified, extended and col- lected. Said tax shall be placed before and in preference to all other items and for thefull amount thereof. The funds derived from said tax levies hereby required shall be placed in the bond retire- ment fund of the City of Lakewood, which together with all interest collected on same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as same fall due. Section 3. That the retirement of such bonds and the interest thereon shall be paid in thirty equal annual installments.