35-59 Issue bonds to improve streets w/ landscaping

Home Browse Search

'~ @Øttermeyer. Lawther, Ward, Fahrenbaah, Gaydos. Messrs. BY: 35-59 ORDINANCE N0. l ,,,.../7< p ,r- AN EMERGENCY ORDINAN$E to i~sue bonds in the swoo of fifty t~ous- and dollars to provide a fund for the purpose of· improving the streets of the City of Lakewood by landscape p¡anting and the removing trees, and t~e aequisition of a stwoop remover. WHEREAS. This Council by Resolution No. , adopted June 22, 1959, has requested the Director of Finanee to issue a certificate as to the estimated life of the equipment and improvement propesed tø be ac- quired from the proceeds of the lDon.ds hereinafter referred to, and the IDirectorof Finanee has certified to this Council such estimated life as exceeding five years, and has eertified the maximwoo maturity of such lDonds as ten years, and WHEREAS. It is estimated that the tax for the said bonds will first appear in the budget fer the f'iseal year 1950; and the final tax settlement with the County Treasurer next fell owing in elusion of a tax for this issue in tlHiI annual budget lDy the eøunty Atitditor as provided by, law will be obtained not earlier than the first day of Septemj¡¡er, 19b@, and WHEREAS, An emergency exists in that the adoption of this ordi- nance is necessary for the protection and safety of the citizens by the removal of unsafe trees and others causing damage to ptitblic and private property, and in t~at this ordinance provides for the immediate preser- vation of the ptitblie property, health and safety, and før the titsual daily operation of a munieipal department, now. therefore STATE BE IT GRDUNED BY THE C0UNCI1 OF THE CITY OF LAKEWClCm, OF 0HIO: Section 1. That it is deemed necessary to issue bonds of the Gity of Lakewood in the swoo of fifty thousand dollars, te pre vide funds for the purpose of improving the streets ef the City of Lakewøod by landscape planting and the removing of trees, and the acquisition of a stwoop remover, and to prøvide a fund for the payment of not to exeeed one yearts interest on said bonds. That anticipatory notes shall not be issued in a~ticipation øf the issuance of the bønds. Section 2. That bonds of the City of Lakewood shall be isstited in the principal swoo of fifty thousand dollars for the purpose aforesaid; that said bonds shall be designated "Street Improvement Bonds" and shall be nwoobered consecutively frem one to fifty, both inelusive; that said bonds shall IDe in the denomination of one thotitsand dollars each; shall be dated August 1. 1959, and shall be drawn to mature serially five thousand dollars on October 1st of each year, 1960 to 1969, inclusive. which maturities are hereby determined to IDe in sulDstantially equal in- stallments; and all of said bonds shall bear interest from the first day of August, 1959, at the rate of three per cent per annum, payalDle OctolDer 1, 1959 and semi-annually thereafter on t~e first day of April and 0ctober of each year, until the principal sum is paid; provided. however, that if said bonds are awarded at a different rate of interest, they s~all bear suc~ rate of interest as may be provided for in the resolution of Oouncil confirming such award. Section 3. That said bonds shall be prepared lDy the Director of law, signed by the Mayor and Director of Finance, sealed with the corporate seal of said City and recorded in the office of the Director of Finance; shall express upon their face the purpose for whi¢~ they are issued, the fact that they are issued pursuant to the Uniform Bond Act of the State øf Ohio and of this ordinance; shall be made payable, both principal and interest, at the office of the Director of Finance in t~e City of Lakewood, County of Cuyahoga. State of 0hio; and t~e