1993 - 23 Issue bonds to build crematory for garbage

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Gormsen ) By M:r. 1993 ORDINANCE NO. ) j '\ AN ORDINANCE to provide tOr the immediate preservation or the public peace, hèalth or safety and p:roviding for the UsUal daily operation Of the Division of Garbage, Dè~tment of PUblic Service by issUing bonds in the sum of $88,000 for the purpose of erecting and equip- ping a c:remato:ry for the disposing of garbage and refuse matters and declaring an emergenc~. WíŒREAS this Council hliB requ.ested the Director Of Fbnnce to issue his certiriøate as to the estimated 11fe of the property, asset Or lmprQvement proposeð. to be aCquired ør constructed from. the proceeds ,of the boñfls he:reinafter;,eferl'ed to, and th6 ,Director of Finance lhas ðertithd to this Councllsuch estimated life as eighteen years and has furthercertitied the illaxiD1U1l1 maturity of such bonds as eighteen years, and State of Ohio, WREREAS this Council estimates that a ta~ for said bonds w1l1 first appear upon the duplicate tor the year 1923 and that the final t$X settlement, with the County Treasurer ne~t fOllowing the inclusion of a t$X for this issue in the annual budget by the Director of Finance as provided by law, will be obtained not earlier than the irirSt day of September 1924, and Will require $2,000.00 for interest \~tll SUCh,,, taxes B.t'\C01l1cted1,~nd ~Vallable, 'ow t~erefóre, BE IT ORDAINED by the Council of The City of Lakewood, two-thirds of all members elected thereto Concurring: Section 1: That it is deemed necessary to issue bonds of The City Of Lakewood in the principal sum of $88,000.00 in order to provide the funds for the puspose of erecting and equipping a crematory tor dlsposing of garbage _nd retuse matters and to provide a fund for the payment of not to exCeed one year's interest on said bonds. , Section 2: That b,ondsof the CltY9f Lakewood shall behsned in the prlncipal sum þf $88,000.00 for the purposes aforesaid and shall be designated "Garbage Disposal Bond.s". Sald bonds shall be numbered from 1 to 88 both· inclusive. Each of sald bonds shall be in the denomination of $1,000,00 and sh_1l be dated April 1st, 1923, and shall bear interest at the rate of five per centum per annum payable semi-annually on the first days of Aprl1 and October of each year untllthe prinCipal sum is paid. Said bonds shall mature as follows: $6,000.00 on October 1st, in each of the years 1924 to 1926 both inclu- sive and $5,000.00 each of the'years 1927 to 1940 both inclusive, which maturities are hereby determined to be in substantially eq1tal annual installments. The principal and Interest of all of said bonds shall bé payable a.t the office of the Director of Finance in the City of Lakewood, County of Cuyahoga, State of Ohio. ,.: Section 3: ~at Baid bonds shall be prepared by the Directo:r of signed by the Mayor and Director of Flnance, sealed with the Cit seal and recorded in the offlce of the Sinking Fund Commission. Said bonds shall express upon their face the purpose for which they are issued, the fact that they are issued pursuant to law and ordinance The interest coupons attached to said bonds shall bear the facslnlle signature of the Director of Finance. Law, y - Séctlon 4: That the fdth,revenue and cre41t of the City of Lakewood are hereby pledged for the payment of both principal and interest of the bonds hereinbefore describ'ed at maturity, in accordance with the laws and constltution of the State of Ohio. \ I; I \