4641 - 49 Issue bonds for city's portion for streets & sewers

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ORDINANCE NO. 4641 BY Mr. Tyler AN E~IERGENCY ORDINANCE to issue bonds in the sum of One Hundred Thousand Dollars ($t00~000.00) to provide funds for the purpose of paying the City' s portion of the cost and expense of improving various streets by constructing, reconstructing or repairing sewer mains therein. WHEREAS, an emergency exists for the preservation of the public property, health and safety and to provide for the us,.a! dai~ operati°n of a municipal de- partment, and, WHERFAS~ this Council by Resolution No.3425, adopted December 5, 1949, has requested the Director of Finance to issue a Certificate as to the estimated life of the improvement proposed to be acquired from the proceeds of the bonds hereinafter referred to and the Director of Finance has certified to this Council such estimated life as exceeding five (%) years and has further certified the maxi- mum maturity of such bonds aS twenty-five (25) years,-,,ar, d, WHE ~REAS~ it is est~ted %hat the tax for said bonds will first appear in the budget for the fiscal year 1951 and the final tax settlement with the County Treasurer next following inclusion of a tax for t~ff~ issue in the Annual Budget by the County Auditor as provided ~; law will be obtained not earlier than the first day of September 1~i$ therefore~ BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAEEWOOD, STATE OF OHTO~ Section 1. That it is ~eemed necessary to ~sue bonds of the City of I~kewood in the sum of One Hundred Thousand Dollars ($100,000.00) %~ provide funds for the purpose of p~ying the City's portion of the cost and expense of ~mproving various streets by oo:mtr~cting, reconstructing or repairing sewer mains therein and to provide a fund for the payment of not to exceed one year's interest on said bonds. That anticipatory notes shall not be issued in anticipation of tbs issuance of such bonds. Section 2. That bonds of the City of Lakewood shall be issued in the principal sum of One Nu~red Thousand Dollars ($100,000.OO) for the purpose aforesaid; that said bonds shall bo designated "CITY PORTION SEWER ~ROVEMENT BONDS" and sha~] be numbered consecutively from one to one hundred (1-100) both inclusive; that said bonds s~ball be in the denomination of One Thousand Dollars ($1, O00.O0) each, shall be dated February 1, 1950, a~ shall be dra~m to mature seriail~, Four Thousand Dollars ($4,000.00) on October let of each yea.~, 1951 to 1975 inclusive, which maturities are hereby determined to be in s~.~bstantial~y equal annual inst~l l~en'~s~ and all of said bonds shall bear tnter~st from the 1st day of February 1950 at the rate of two percent (2%) per annum~ payable April 1, 1950, semi-annually, thereafter on the first days of October and April of each year until the principal sum is paid; provided, however, that if said bends are awarded at a differen£ rate of inter~st they s~al~ bear such rate of interest as may be provided for in the Resolution of Couiucil ~onfirming such award. Ail or any part of said bonds of this issue maturing after October 1, 1~60 shall bo subject to ca~! in inverse serial n~uber sequence on the first day of April 1961 or on a~y interest paying date thereafter prior to their maturity at %he par value of and accrued interest on said bonds, such call to be made by dete~minaticn of the Council of the City of Lakewood by resolution passed at least two months prior to the call ~;ate fixed therein, notice of which call shall be published once in a newspaper of general circulation in the City of Lakewood net less than thirty (30) days prior to the date fixed for such call and redemption. Section 3. That said bends shall be prepared by the Director of Law, signed by the Nayor and Director of Finance, sealed with the corporate seal of said Ci%~ ~ud recorded in the office of the Director of Fly.ace! shall express upon their face the purpose for which they are issued, the fact that they are issued pursuant to the Uz~uform Bond Act of the State of Ohio and of this Ordina~ce m~d, shall be made payable~ both principal and interest~ at the office of the Director of Finance in the