4260 - 63 Proceed w/ election - prop issue of STP improvement bonds

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RESOLUTION NO. 4260 BY: Messrs. Lawther, Usher, Ward, Wendling, Williamson, Gaydos, Huffman. AN EMERGENCY RESOLUTION determining to proceed with the election upon the proposed issue of Sewage Treatment Plant Improvement Bonds. WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this resolution is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that it is necessary that this resolutionbecomes immediately effective in order to proceed with the election of the question of financing the reconstructing and expand- ing of the City's sewage disposal plant in order to eliminate existing hazards to the health of the residents of the City; and WNEREAS¢ the Council of the City of Lakewood on the 15th day of July, 1963¢ duly passed Resolution No. 4255 providing for the submission to the electors of said City of the question of issuing bonds in the sum of $3¢600,000 for the purpose of reconstructing and expanding the City's sewage disposal plant with necessary appurtenances thereto and of the leery of a tax to provide for the payment of the principal~nd interest thereof at the general election to be held on November 5¢ 1963; and WHEREAS¢ the County Auditor of Cuyahoga County has certified to Council that in accordance with his calculations the average annual tax levy throughout the life of such bonds which would be required to pay the interest on and to retire the same~ assuming that they are all issued in one series and that the amount of the tax list of this City remains the same throughout the life of said bonds as the amount of such list for the current year is 1.2622 mills for each one dollar of valuation¢ which amounts to 12.622 cents for each one hundred dollars of valuation. NOW~ THEREFORE~ ~E IT HESOLVED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That Council hereby determines to proceed with the issuance of said bonds and that the Clerk of this Council be and he is hereby directed to certify to the Board of Elections of Cuyahoga County, Ohio~ Resolution No. 4255 aforesaid calling such election¢ to- gether with a copy of this resolution and the amoun~ of the average tax levy estimated as aforesaid by the County Auditor and the maximum number of years to retire said bonds~ namely, twenty-five years, and requesting said Board of Elections to give notice of said election and to prepare the necessary ballots and supplies for said election. Section 2. This resolution¢ having been determined to be an emergency resolution¢ shall be in full force and effect from and immediately after its passage. Passed: August 5, 1963 Robert M..Lawther President of Council Approved: August 6, 1963 Philip M. Dearborn Clerk of Oouncil Frank P. Celeste Mayor