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0RDIN~NCE No. 5510 by ~r. Lintz
<br />
<br /> AN emergency ordinance ct issue bonds in the sum of fifty _
<br />thousand dollars ($50,000.00), to extend, enlarge, construct, recon
<br />struct, repair, equip, furnish and improve the Lakewood City Hospital
<br />Buildings and additions thereto.
<br />
<br /> WHEREAS, this council by resolution No. 2834, adopted January
<br />21, 1935, has requested the director of finance to issue a certificate
<br />as to the estimated life of the improvement proposed to be acquired
<br />from the proceeds of the bonds hereinafter referred to, and the director
<br />of finance has certified to this council that the estimated life of the
<br />property and improvement referred to in said resolution is at least
<br />five years, and that the maximum maturity of such bonds ca culated in
<br />accordance with Section 2293-9 of the General Code and the weighted
<br />average of the amounts proposed to be expended for the several classes
<br />of improvements, is as follows:
<br />
<br />(a) $20,000.00 for the construction or improvement of fire
<br /> proof buildings - 25 years.
<br />
<br />(b) $30,000.00 for the purchase of machinery and hospital
<br /> equipment - l0 years.
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<br />(c) The weighted average of the amounts proposed to be
<br /> expended for the several classes of improvements - 18 years.
<br />
<br /> WHEREAS, it is estimated that the tax for said bonds will first
<br />appear in the budget for the fiscal year 1938, and the final tax
<br />settlement with the County Treasurer next following the inclusion of a
<br />tax for this issue in the annual budget by the county auditor, as
<br />provided by law, will be obtained not earlier than the first day of
<br />September 1958.
<br />
<br /> WHEREAS, the subject matter herein provided for constitutes ~
<br />emergency for the immediate preservation of the public property, health,
<br />and safety, and provides for the usual daily operation of municipal
<br />departments.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />LAEEW00D, CHI0, two-thirds of all members thereof concurring:
<br />
<br /> Section 1. That it is deemed necessary to issue bondS of the
<br />City of Lakewood in the sum of fifty thousand dollars ($50,000.00), to
<br />provide a fund to extend, enlarge, construct, reconstruct, repair, equip
<br />furnish and improve the Lakewood City Hospital buildings and additions
<br />thereto.
<br />
<br /> Section 2. That bonds of the city of Lakewood shall be issued
<br />in the principal ~um of fifty thousand dollars ($50,000.00) for the
<br />purpose aforesaid; that said bonds shall be designated "Lakewood City
<br />Hospital Bonds"; that anticipatory notes shall not be issued in
<br />anticipation of the issuance of such bonds; that said bonds shall be
<br />of the denomination of three thousand one hundred twenty-five dollars
<br />($3,128.00) each; shall be dated April l, 1935, and shall be drawn
<br />to mature as follows:
<br />
<br /> Three Thousand One Hundred Twenty-five Dollars ($3,125.00), on
<br />October l, 1936, and three thousand one hundred twenty-five dollars,
<br />$3,128.00) on October 1st in each of the years 1937 to 1951, both
<br />inclusive, which are hereby determined to be substantially equal annual
<br />installments, and all of said bonds shall bear interest from the first
<br />day of April 1935, at the rate of one per centumper annum, payable semi
<br />annually on the first days of April and October in each year, until the
<br />principal sum is paid~ except that the first coupons shall ~rovide for
<br />the payment of interest from April 1st 1935 to October 1st 1935, provide
<br />however, that if said bonds are awarded at a different rate of interest,
<br />they shall bear such rate of interest as may be provided for in the
<br />resolution of the council confirming such award. The interest coupons
<br />attached to said bonds shall bear the signature or fac-simile signature
<br />
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