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ORDINANCE No. 4571 . by
<br />
<br /> AN ORDI~L~NCE to issue Three Thousand Six Hundred Seventy Dollars
<br />($3,670.00) bonds of the City of Lakewood for the payment of the anticipatory
<br />note heretofore issued for the purpose of paying the cost and expense of improving
<br />Detroit Alley from Riverside to Scenic Avenues, by paving same with bituminous
<br />concrete~ asphaltic concrete or cement concrete, doing any and all grading, draining~
<br />curbing and constructing delinquent curb connections incidental and necessary thereto.
<br />
<br /> V~NEREAS the Director~f Finance has issued a certificate as to the
<br />estimated lifeof ~he improvement proposed to be acquired or constructed from the
<br />proceeds of the bonds hereinafter referred to and has certified such estimated life
<br />as at least ten (10) years, and~ has further certified the maximum maturity cf such
<br />bond~ as ten. (10) year~,~ and~. ~ ~
<br /> WHEREAS, th~ note issued in anticipation of the issuance of the bonds
<br />hereinafter referred to falls due on or before Oct. 27, 1949, now, therefore
<br />
<br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF IAKEWOOD, STATE OF OHIO:
<br />
<br /> Section 1. That it is deemed necessary to issue bonds of the City of
<br />Lakewood, Ohio, in the principal sum of Three Thousand Six Hundred and Seventy
<br />Dollars ($3,670.00) in anticipation of the collection of special assessments, for
<br />the purpose of paying the anticipatory note heretofore issued for the purpose of
<br />paying the property owners' portio~ of the cost and expense for the improvement of
<br />Detroit Alley from Riverside Avenue to Scenic Avenue, by paving seme wi%~ bituminous~
<br />concrete, asphaltic concrete or cement concrete, doing any and all grading, draining,
<br />curbing and constructing delinquent curb connections incidental and necessary thereto.
<br />
<br /> Section 2. That bonds of the City of Lakewood shall be issued in the
<br /> principal sum of Three Thousand Six Hundred Seventy Dollars ($3,670.00) for the
<br /> purpose aforesaid; that said bonds shall be designated
<br />
<br />DETROIT ALLEY PAVING BOI~DS
<br />
<br />~hall be numbered from one (1) to ten (10) both inclusive; shall b e dated
<br />October 1, 1948 and shall mature and be in denominations as follows:
<br />
<br />BOND NO.
<br />
<br /> 2
<br /> 3
<br /> 4
<br />
<br /> 6
<br />
<br /> 10
<br />
<br /> DUE
<br />
<br />367.00 Oct. 1, 19%0
<br />367.00 Oct. 1, 1951
<br />367.00 OCt. 1, 1952
<br />367.00 Oct. 1, 1953
<br />367.00 OCt. 1, 1954
<br />367.00 . Oct. 1, 19~5
<br />367.00 Oct. t, 19%6
<br />367.00 Oct. 1, 1957
<br />367.00 OCt. t, 1958
<br />
<br />Which maturities are hereby determined to be in substantially equal annual install-
<br />~ents, provided~ h~vever, that said bonds shall be subject to call or~ redemption,
<br />in whole or in part, or any interest paying date prior to maturity at not more than
<br />~ar in acco.rdance with the ~ovisions of Section 2293-6 of the General Code of the
<br />tate of Ohmo, and alI of said bonds shall bear interest at the rate of one (1) per
<br />cent per annum, payable semi-annually on the first days of April and October of each
<br />year until the principal sum is paid; provided further~ hc~vever, thst if said bonds
<br />are awarded at a different rate of interest, they shall bear such rate of interest
<br />as may be provided for in the resolution of council confirming such award.
<br />
<br /> Section 3. That said bonds shall be prepared by the Director of Law,
<br /> signed by the ~ayor and Director of Finance, sealed with the corporate seal of the
<br /> said City and recorded in the office of the Director of Finance; shall express upon
<br /> their face the purpose for which they are issued pursuant to law and this ordinance,
<br /> and they shall be made payable, both principal and interest, at the office of the
<br />Director of Finance of the City of Lakewood, County of Cuyahoga, State of Ohio, and
<br />the interest coupons attached to said bonds shall bear the facsimile signature of the
<br />
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