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ORDINANCE BY Mr. Go.mean AN ~ DINg, CE providing for the bo~owing of money in the sum of Eight~ThousandDollars ($80,000.00), a~d the Issuance by the Cit~ of Lakewood ~f a note theref~e in antioipati~n cg the colleetlon of current revenues ~n and fop the fiscal year 1956 and decl~ing the necessity of the issuane~ of said note for au~h W~EREAS, it ls-necesewF ~' anticip~ion of the collection of current ~evenuee ~n and fop the fiscal Fear 19~8 for the City of Lakewoe~ tO borrow money and issue a note therefore in the sum ~fElghty ~ousandDolla~e ($80~000,00), top ay tM operstin~ expenses of the various depa~unents ~f said mu~icipality~ and WHERF~S, an eme~geneyexiets to previde said funds without ~lay for the ~w.~ediate preservation of the public P~operty, health d safety, ~d to p~ovx~e for the usual daily operation of said municipal' departments~ NOW~ THEREFORE. BElT O~DAINED BY T~ COUNCIL OF TI~ CITY OF ~E%~ OD~ OHIO, two-thirds ~ all me.ePs Section le ~at ~n ~ticlpet~on ~f ~he ~ollectlon of revenues i~ ~d for ~he fiscal 2e~ 19~ this Oo~c~l ~by de- elates lt,necess~y to borrow momey a~d issue a mote therefore ~ not exceed one-half cf ~e ~o~t est~a~e~ to be received f~ ~ezt ensuing se~-mnnual lns~al~nt of t~es for such flsc~l as est..ted by ~he ~d~et Oo~f~sion~ other t~ t~xes to be ~eceived fo~ the pa~ent of debt charge~ and sl~ mdvances. ~m so ~tictpeted ~all ~e dee~ed appropriated fo~ the paint of such note at ~tu~lty, The n&e s~ll not ~ for a longe~ Deri~ th~ six months and the ~rooeeds thePef~ ~11 be ule~ only f~ t~ Durpo~es fo~ ~h sa~d ~es were levied, collected ~d appropriate~, 8ect!on ~. ~at such note in the ~o~t ~f e~ty Thous~d ~ll~s ($$0.0~,00), s~ll bo issued beartn~ interest at the rate of 1 pe~ cent~ pep ~nm~, payable at ma~urltF. Smld note s~ll be ~ted t~ ~lst day of J~u~y !~6, ~d ~all m~e ~ ~ befo~ s~ ~nt~ fr~ ~te of Such note shall be p~ep~ed by the D~recto~ of ~w and executed by the M~or e~d ~ecto~ of Finite ~d be~ the se~ of t~ eo~por- ~t~on ~d s~l express upon its face the p~pose fo~foh l~ fa lsmued~ and t~t It ia issuO~ pursuit to this ~dln~ce, Said note shall be first offered to ~he Sinking F~d C~ssi~ of the Clt2 ef Lakew~ f~ ~ot less t~ p~ and accx~e~ interest, · and the proceeds ~ such sale except ~y p~emi~ and accrued the~eon (~d ~o~t thereof necessa~ f~ the pa~ent of interest prior to the ~rity of e~d note~ shall be paid into ~e proper fund ~d used fop the p~poses ~oresaid ~d rom no other p~pose, B~fd note a~l be ~e f~l general obligation of the City of L~e~ood ~nd the full faith~ cre~t and revenues of said city ~e hereby ~ledge~ ~or the p~ph pa~ent of the ~ection 3. T~t th~s ordinance Is hereby decl~ed ~o be emergency me~s~e fo~ the reasons stated t~ the preamble hereof ~d shall t~,e effect and be in force l~ediately upon its adoption