4255 - 63 Submit to electors - expand sewage disposal plant

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AN EMERGENCY RESOL~JTION determining to submit to the electors of the City of Lakewood the question of issuing bonds for the purpose of reconstruct- ing and expanding the City's sewege disposal plant with necessary appurtenances thereto. WHEREAS~ this Council by two-thirds vote of the members elected there- to determines that this resolution is an emergency measure which is necessary for the im~ediate preservation of the public peace~ property, health and safety and for the further reason that it is necessary that this resolution becomes immediately effective in order to permit submission of the question of financing the improvement described above to the electorate in order to eliminate exist- ing hazards to the health of the residents of the City. NOW, THEREFORE, BE IT RESOLVED by the Council of the City Of Lakewood, Cuyahoga County, State of Ohio: Section 1. That for the purpose of reconstructing and expandingthe City's sewage disposal plant with necessary appurtenances thereto, it is nece~~ sary to issue bonds of Said City in an amounb estimated as ~~ end th~~600'000' it is necessary to levy a tax outside of the constitutional ten-mill limitation to pay the interest on and to retire such bonds; that the question of issuing said bonds and of levying of such tax shall be submitted to the electors of said City at the regular November election to be held on November 5, 196~; that Council estimates that the approximate date of said bonds will be January 1~ 1964, that said bonds will be paid in twenty-five annual installments ma- turing in substantially equal amounts during a period of twenty-five years after the authorization thereof, and will bear interest at a rate now estimated at three and one-half per centum per annum, payable semi-annually. Section 2. That the Clerk of Council be and he is hereby authorized to certify a copy of this resolution to the Auditor of Cuyahoga County for his calculation of the average annual tax levy required throughout the life of the bonds to pay the interest on and to retire said bonds, assuming that they are all issued in one series and that the amount of the tax list of this City re- mains the same throughout the life of said bonds. Section 3. This resolution~ having been determined to be an emergency measure, shsll be in full force and effect from and immediately after its passage. ---- P~esident of council Mayor