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RESOLUTION NO. 4008 BY: Messrs. <br /> <br />Gaydos, Gottermeyer, <br />Huffman, Lawther, <br />Ward, Williamson, <br />Chockley. <br /> <br /> A RESOLUTION declaring the necessity of issuing Sewer Improve- <br />ment Bonds of the City of ~kewood, Series A in the principal amount <br />of thirty thousand dollars for the purpose of improving the sewage <br />system, by repairing, extending, enlarging and changing the sanitary <br />and storm sewers. <br /> <br /> WHEREAS, It is necessary to improve the sewage system of the <br />City of Lakewood; now, therefore, <br /> <br /> BE IT RESOLVED BY THE CO~CIL OF THE CITY OF LAKEWOOD, STATE <br />OF OHIO: <br /> <br /> Section l~ It is hereby declared necessary to issue Sewer <br />Improvement Bonds of the City cf Lakewood~ Series A in the principal <br />amount of thirty thousand dollars for the purpose of improving the <br />sewer system by repairing, extending, enlarging and changing the sani- <br />tary and storm sewers. <br /> <br /> Section 2. That said bonds shall be the full general obliga- <br />tion of the City of Lakewood, and the full faith, credit and revenues <br />of said City are hereby irrevocably pledged for the payment of beth <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 of <br />bonds, promptly when, and as the same fall due and also to provide a <br />fund sufficient to discharge said s~rial bonds at maturity, there <br />shall be and it is hereby levied en all taxable property in said <br />City of Lakewood, Ohio, in addition to all other taxes, a direct tax <br />annually during the period said bonds are to run, in an amount suf- <br />ficient to provide funds to pay the interest upon said bonds as and <br />when the same falls due, and also to provide a fund for the discharge <br />of the principal of said serialbonds at maturity, which tax shall not <br />be less than the interest and sinking fund tax bonds at maturity re- <br />quired by Section ll of Article XII of the constitution of the State <br />of Ohio, and of the statutes pertaining thereto. <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 <br />general purposes in each of said years are certified, extended and <br />collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof. The funds derived from <br />said tax levies hereby required shall be placed in the bond retirement <br />fund of the City of Lakewoed, which together with all interest col- <br />lected on same, shall be irrevocably pledged for the payment of the <br />interest 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 4. That this resolution shall take effect and be in <br />force from and after the earliest period allowed by law. <br /> <br />Adopted: June 6, 1960 <br /> <br />F. Wilson Chockley, Jr. <br /> President <br /> <br />H. A. Roes <br /> <br />Approved: June 9, 19~0. Clerk <br /> <br />Frank P. Celeste <br /> <br />Mayor <br /> <br /> <br />