3493 - 51 Issue Hospital bonds - $300,000

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RESOLUTION NO, 3493 BY Mr, Gottermeyer AN F~ERGENCY RESOLUTION declaring the necessity of issuing Lakewood Hospital Bonds of the City of Lakewood in the principal amount of Three Hundred Thousand Dollars ($300,000.00) and fixing the purpose and the approximate date, interest rate and maturity, and declaring the necessity of the levy of a tax outside of the limitation imposed by Article XII, Section 2 of the Constitution to pay the interest on and retire such bonds. WHEREAS, an emergency exists in that on account of increased costs of labor, material and furniture and furnishings, the ~mount of bonds heretofore authorized will be insufficient to proceed with the hospital improvement as originally planned; in that this Council considers the issuance of additional bonds is immediately necessary in order to proceed with such improvement; in that it is required by law to adopt legislation therefor more than sixty days prior to the election at which it is desired to submit the questions; and in order to provide for the public health, welfare and safety and the usual daily operation cf a municipal department; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section l. It is hereby declared necessary to issue Lakewood Hospital Bonds of the City of Lakewood in the principal amount of Three Hundred Thousand Dollars ($300,000~00) for the purpose of construction and improvement of fire- proof buildings and for the purchase of furniture and furnishings, Section ~2. That it is necessary to levy a tax 'outside ef the limitation imposed by Article XII, Section 2, of the Constitution of the State of Ohio in order to Pay the interest on and retire said bonds; that the question of issuance of said bonds and the levy of such tax shall be submitted to the electors of the City of Lakewood at the next November election to be held November 6, 1951. That this Council estimates the approximate date of said bonds will be January l, 1952; that said bonds will bear interest at a rate of approximately three percent (3%) per annum payable semi-annually; and that said bonds shall be payable in sixteen (16) annual installments maturing in substantial equal amounts during a period of sixteen (16) years after the authorization thereof. Section 3e That the Clerk of this Council shall deliver a certified copy of the resolution to the County Auditor of Cuy&hoga County at least sixty (60) days prior to November 6, 1951, for his calculation of the average annual tax levy required throughout the life of said bunds to p~y the interest on and to retire such bonds, assuming that the said bonds are all issued in one series and that the amount of the tax list of the City of Lakewood remains throughout the life of said bonds the same as the amount of the tax list for the current year. Section 4e This resolution is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and, provided it receives the af- firmative vote of two-thirds of all members elected to Council, it shall take effect and be in force ~mmediately upon its adoption~ Adopted: June 18~ 1951 Wm, Re Fairgrieve President of Council"- Approved: June 19, 1951 He A. Ree8 Clerk of Council- Ac Io Kauffman Nayor