4604 - 48 Issue bonds to construct sanitary & storm sewers

Home Browse Search

oRD cw. NO. hfOh By- ~r. Quinn. AN E~,~.RGENC.Y ORDINANCE to provide for the issuance of bonds of the City of Lakewood for the purpose of constructing sanitary and storm sewers, in the sum of $280,000.00o WHEREAS, at an election held.on the ?th day of November, 1~44', on the proposition of issuing bonds of the City of Lakewood, Ohio, for the purpose herein- after stated, in the sum of $280,000.00 and of levying taxes outside of the ten mill limitation to pay the interest and principal of said bonds not less than sixty-five per centum of those voting on the proposition voted in favor thereof, and, WHEREAS, this Council has requested the Director of Finance of the city to issue his ~ertificate asto the estimated life of the property, asset or im- provement · proposed to be acquired or constructed from the proceeds of the bonds hereinafter referred to and the Director of Finance has certified to this Council such estimated life as exceeding 5 years and has further certified the maximum maturity of such bonds as 25 years, andj WHEREAS, it is estimated that the tax for said bonds will first appear on the budget for the fiscal year 1950 and the final tax settlement wi%h the County Treasurer next following inclusion of a tax for this issue in the annual budget by the County Auditor~as'provided by law will be obtained not earlier than the first day of September 1950, and~ WHEREAS, an emergency exists for the immediate preservation of the public health, welfare, property and safety and for the usual daily operation of a municipal department, now, therefore, HE IT ORDAINED BY THE COUNC~L OF THE CITY OF IAK~J.~OD, STATE OF OHIO: Section 1. That it is deemed necessary by this Council to issue bonds of the City of Lakewood in the principal sum of $280,000.00 in 5rder to provide a fund for the purpose of constructing storm and sanitary sewers and to provide a fund for the payment of not to exceed one year~s interest on said bohds. It is determined that said bonds shall be issued in one installment and that anticipatory notes shall not be issued in anticipation Of the issuance of such bonds~: ~ Section 2; That'~aid bonds of the City of Lakewood shall be issued in the principal sum of $280~000.00 for the purpose aforesaid; that said bonds shall be designated "General Sewer Bonds" and shall be numbered consecutively from one totwo hundredand eighty, both inclusive; that said bonds shall be in the denomination of $1,000.00 each, shall be dated April l, 1949 and shall be drawn to mature as follows: $11~000.O0 on October 1 of each year 1~50 to 1262 both inclusive and $12,000.00 on October I of each year 1970 to 1974 both inclu~ sive~ which maturities are hereby determined to be in substantially equal annual installments and all of said bonds sgall bear interest at the rate of 2% per annum, payable semi-annually on the first days of Apriland October in each year~ except that the first of said interest installments shall become due and payable October l~ 1949~ until the principal sum is paid; provided, however, that if Said bonds are awarded at a different rate of interest than hereinbefore specified~ such bonds shall bear such rate of interest as may be provided for in the resolutior the Council confirming'such av~rd. All or any part of said bonds of this issue maturing after April l, 1960 shall be subject to call. or redemption in inverse serial number sequence on the first day of' October 1960 or on any interest paying date thereafter prior to their maturity, at the par value of and accrued interest on said bonds, such call or redemption to be made by determination of the Council of the City of Lakewood by resolution adopted at least 60 days prior to the c~1]~ date fixed therein, notice of which call shall be published once in a nmvspaper of general circulation in the City of Lakewood not less than 30 days prior to the date fixed for such call and redemption.