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<br />
<br />ORDINANCE No. 3814 BY Nrta Spa]ding
<br />
<br /> AN F2V~RGENCY 0RDINANOE providing for the issuance of bonds of
<br />~he ~City of Lakev~od, Ohio, in the sum of Eighty-Two i~ousand Five
<br /> unered Dollars (~82,500.00) for the purpose of paying the cost and
<br />expense of constructing, reconstructing, improving and installing
<br />equipment at, the Lakewood~_o Treatment Plant.
<br />
<br /> I%5~REAS, Council has requested the Director of Finance to issue
<br />his certificate as to the estimated life of the property, asset or
<br />imi~rovement proposed to be acquired or constructed from the proceeds
<br />of the bonds hereinafter referred to, and as to the maximum maturity
<br />of said bonds, and the Director of Finance has certified to this Council
<br />such estimated life as exceeding five years ~nd has further certified
<br />the maximum maturity of such bonds as twenty-five years, and,
<br />
<br /> W~EI~AS, it is desired to construct, reconstruct, improve and
<br />install equipment at, the Lakewood Sewage Treatment Plant, belonging to
<br />the city of Lakewood, the work with respect thereto to be done as a
<br />~. P. A. project, and it being necessary for the city to provide funds
<br />necessary to carry on said work without delay, and
<br />
<br /> WHEKEAS, the notes issued in anticipation of the issuance of the
<br />bonds hereinafter referred to fall due August l, 1939, and
<br />
<br /> V~AS an emergency exists for the inm~ediate preservation of the
<br />public property~, health and safety and to p~ovide for the usual daily.
<br />operation of a l~unicipal Department, to-wit. The Department of Public
<br />Works:
<br />
<br /> NOW, THEF~FORE, BE IT 0RDAIN~D BY THE COUNCIL 0F TPLE CITY 0F
<br />LAK~00D, STATE OF 0HI0,
<br />
<br /> Section 1: That it is deemed necessary to issue bonds of the
<br />City 2f ~akewood, 0hig~ in the p~incipal sum of Eighty-~vo Thousand
<br />Five nunGred Dollars ($82,500.00) in order to provide a fund for the
<br />purpose of paying the cost and expense of constructing, reconstructing,
<br />improving and installing equipment at, the Lakewood Se~geTreatment
<br />Plant now owned by the City of Lakewood ~nd to provide a fund for the
<br />payment of not to exceed one year's interest on said bonds. That such
<br />bonds shall be issued in one lot and that anticipatory notes have been
<br />issued in anticipation of the issuance of such bonds.
<br />
<br /> Section 2: That bonds of the City of Lakewood, Ohio, shall be
<br /> issued in the principal sum of Eighty-Two Thousand Five Hundred Dollars
<br /> ($82,500.00) for the purpose aforesaid; that said bonds shall be
<br /> designated "Sewage Treatn~nt Bonds~', shall be dated August 1st 1939, and
<br /> shall be consecutively ntunbered fron one (1) to eighty-three (83), both
<br /> inclusive; that eighty-two (8~) of said bonds shall be in the denomina-
<br /> tion of One Thousand Dollars ($1,000.00) each and one (1) bond shall be
<br />in the denomination of Five H~dred Dollars ($800.00) and shall bear
<br />interest at the rate o2 two percenttun (~ per annum, payable semi-
<br />annually, on the first days of April and ctober of each year until the
<br />principal sum is paid, provided, however, that if said bonds are sold bea~
<br />ing a different rate of interest than hereinabove specified, such bonds
<br />shall be~r such rate of interest as may be provided for in the resolution
<br />of Council approving the award thereof. Said bonds shall mature as
<br />follows: ThreeThousand Dollars ($3,000.00) on October 1st in each of
<br />the years 1940 to 1957, both inclusive; Four Thousand Dollars ($4,000.00~
<br />on October 1st in each of the years 1988 to 1963, both inclusive; and
<br />Forty-Five Hundred Dollars on October 1st, 1964; which maturities are
<br />hereby determined to be in substantially equal annual installments,
<br />provided further, however, that said bonds shall be subject to call or
<br />redemption prior to maturity at not more than par, in accordmce with the
<br />provisions of Section ~293-6 of the General Code of the State of Ohio.
<br />
<br /> Section G: That said bonds shall be prepared by the Director of
<br />Law, signed by the hiayor ~nd the ~
<br /> ~irector of Finance, sealed with the
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