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RESOLUTION NOo 3734 BY Mr. Fairgrieve <br /> <br /> A RESOLUTION declaring the necessity of issuing Water Main Bonds <br />of the City of Lakewood, Series A in the principal amount of three hun- <br />dred thousand dollars for the purpose of improving the water distribu- <br />tion system by installing mains and the necessary valves, hydrants and <br />other appurtenances incidental and necessary thereto. <br /> <br /> WHEREAS~ It is necessary to improve the water distribution <br />system of the Cmty of Lakewood; now, therefore, <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE <br />OF OHIO: <br /> <br /> Section 1. It is hereby declared necessary to issue Water <br />Main Bonds of the City of Lakewood, Series A in the p~incipal amount <br />of three hundred thousand dollars for the purpose of mmproving the <br />water distribution system by installing mains and the necessary valves, <br />hydrants and other appurtenances incidental and necessary thereto. <br /> <br /> Section 2. That said bonds shall' be the full general obliga- <br />tion of the City of Lake~ood, and the full faith, credit and revenues <br />of said City are hereby mrrevocably pledged for the payment of both <br />principal and interest of said bonds in accordance with law and the <br />constitution of the State of Ohio; that for the purpose of providing <br />the necessary funds to pay the interest on the foregoing issue o£ bonds, <br />promptly when, and as the same fall due and also to provide a fund <br />sufficient to discharge said serial bonds at maturity, there shall be <br />and it is hereby levied on all taxable property in said City of Lake- <br />wood, Ohio, in addition to all other taxes, a direct tax annually dur- <br />ing the period said bonds are to run, in an amount sufficient to pro- <br />vide funds to pay the interest upon said bonds as and when the same <br />falls due, and also to provide a fund for the discharge of the princi- <br />pal of said serial bonds at maturity, which tax shall not be less than <br />the interest and sinking fund tax bonds at maturity required by Sec- <br />tion ll of Article XII of the constitution of the State of Ohio, and <br />of the statutes pertaining thereto; providing, however, that in each <br />year in which surplus earnings of the water works system shall be <br />available and appropriated to pay the interest on and principal of <br />said bonds, then to that extent the tax, hereinbefore provided for, <br />shall be reduced accordingly. <br /> <br /> Said tax shall be and is hereby ordered computed, certified, <br />levied and extended upon the tax duplicate and collected by the same <br />officers, in the same manner and at the same time that taxes for general <br />purposes in each of said years are certified, extended and collected. <br />Said tax shall be placed before and in preference to all other items <br />and for the full amount thereof. The funds derived from said tax <br />levies hereby required shall be placed in the Bond Retirement Fund of <br />the City of Lakewood, which together with all interest collected on <br />same, shall be irrevocably pledged for the payment of the interest <br />and principal of said bonds when and as same fall due. <br /> <br /> Section 3. That the retirement of such bonds and the interest <br />thereon shall be paid in thirty equal annual installments. <br /> <br /> Section 4o That this resolution shall take effect and be in <br />force from and after the earliest period allowed by law. <br /> <br />Adopted: July 30, 1956 <br /> Thomas C. Ward <br /> President <br /> <br />Approved: July 31..19~6 <br /> <br />H. A. Rees <br /> <br />Clerk <br /> <br />Frank P, Celeste <br /> <br />Mayor <br /> <br /> <br />