3305 - 32 Issue bonds to improve sewage disposal works

Home Browse Search

ORD3:NAIICE N0. 330b By 3~6r. Hurd An emergency ourdinance to issue bonds in the sum of thirty- thousand dollars 030,000) for the improvement of the existing sewage disposal work a. Whereas, this Council has requested the director of Finance to issue a oertificate as to the estimated lips of the improvement. proposed to be acquired or constructed from the proceeds of the bonds hereinafter referred to, end the director of finance hea certified to this council such estimated life ae five (5) years, and has further certified the maximum maturity of such bonds as five (5) yaara. ~ Whereas, it is estimated that a tax .for said bonds will fir at appear in the budget Par the fiscal year 1983 and the final tax settle ment with the county treasurer next following the inclusion oT a tax for this issue in the annual budget by the county auditor, ea provided ` by 1sw, will be obtained not earlier than the first day of September, 1933. Whereas, the aub~ect matter herein provided for constitutes an emergency for providing for the immediate preservation of public prpperty, health and safety and providing for the usual daily operatio of a municipal department; now, therefore, BE IT URAAT2dED BY TEiE COIINCII. OF THE CITY OF LAh"HSr00D, OHIOi Section 1. That it is deemed necessary to issue bonds of the city oT Lakewood in the sum aP thirty thousand clollere 030,000) t provide a Sund for the improvement o;P the existing sewage disposal wor Sect ton 2. `chat bonds of the city of Lakcwood shall be issued in the principal sum of thirty thousand dollars {$30,000) Tor the purpose aforesaid; that said bonds shall be designated as "Sewage disposal Works Improvement Bonds"; that anticlpatnry notes - shall not be issued in anticipation of the issuance of such bonds; th said bonds shall be of the denomination of six thousand dol7ara 06,00 each; shell be dated Auguat,l., 1932, shall be drawn to mature, sa follows: Y f, ~ S1x thousand dollars 06,000) on October 1st in the year 1935 and six thousand dollers,~(~6,000) on October let 3n sash of the years from 1934 to 1939, both inclusive, which are hereby determined to be substantially equal annual installments, and all of said. bonds shall bear interest from the first day of August 1932, at the rate of Pour (4) per centum,per annum, payable semi-annually on the first day of April and October in each year until the principa'1 sum Sa paid, except that the Elect coupons ahallprovide for the payment of interest Prom August 1, 1932, to April 1, 1933; provided„ however, that if ea'.d bonds are awarded et a different rate oP interest, they shall bear suc rate of interest ea may be provided for in the reaohxtipn of council confirming such award. The interest coupons attached to said bonds shall bear the aign6ture oP fac-simile signature of the director of finance. Section 3. That said bonds shall be prepared by the director of law, signed by the mayor and director of Finance, sealed with the corporate seal. of said pity, and recorded in the office oT the atnking fund commission; shall express upon their Tace the purpose for which tye are issued, the fact that they era is:auad pursuant tc law end ordinance, and they shall be made payable,, both principal e.ndlr.terest et the office of the director of finance of the city of Lakewood and shall beer such consecutive ntuabers ea the director of finance shall determine. Section 4. that the faith, credit and revenue of the City of Lakewood are hereby irrevocably pledged for the. payment o4' both principal and interest of the bonds hereinbefore described at maturity in accordance with the laws and constitution of the state of Ohio.