3812 - 57 Tax levy outside limitation for muni admin bldg

Home Browse Search

RESOLUTION NO. 3812 BY: Messrs. Ward, Chockley, Fahrenbach, Fairgrieve, Gaydos, Gottermeyer. A RESOLUTION declaring the necessity of issuing municipal de- partments and administration building bonds of the City of Lakewood in the principal amount of one million seven hundred fifty thousand dollars, fixing the purpose and th? approximate date, interest rate and maturity of said bonds, and declarmng the necessity of the levy of a t~x outside of the limitation imposed by Section 2 of Article XII of the Ohio Con- stitution, to pay the interest on and to retire the said bonds. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. It is hereby declared necessary to issue municipal departments and administration building bonds of the City of Lakewood in the principal amount of eno million seven hundred fifty thousand dollars for the purpose of constructing a municipal departments and administration building. Section 2. It is declared necessary to levy a tax outside of the limitation imposed by Section 2 of Article XII of the Constitution of the State of Ohio in order to pay the interest on and to retire said bonds; and that the question of the 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 5, 1957. This Council hereby fixes the approximate date of said bonds to he February l, 1958, the approximate interest rate to be three per cent per annum, payable semi-annually, and said bonds shall be payable in twenty-five annual installments maturing in substantially equal amounts during a period of twenty-five years after the authorization thereof. Section 3. That the Clerk of this Council shall deliver a certified copy of this resolution to the County Auditor of Cuyahoga County at least 110 days prior to November 5, 1957, for his calculation of the average annual tax levy required throughout the life of said bonds to pay the interest on, and to retire such bonds, assuming that the said bonds are all issued in one series and that the amount of tax list of the City of Lakewood remains throughout the life of said bonds the same as the amount of tax list for the current year. Section 4, This resolution shall take effect and be in force from and after the earliest period allowed by law. Adopted:...July 15, 1957 Approved: July 16, 19~7 Thomas C. Ward President H. A. Rees, '' Cler~ Frank P. Cel,este ~fayor