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~O~UTZON NO. #353 <br /> <br />Messrs. Ward, Wendling, <br /> GaydbS, Huffman, <br /> Usher. <br /> <br /> A RESOLUTION determining to submit to the electors of the City <br />of Lakewood the question of issuing bonds for the purpose of modernizing <br />the Lakewood Hospital by remodeling and improving the existing building <br />and constructing an addition thereto, acquiring real estate and interests <br />therein and furniture, furnishings and equipment and providing off-street <br />parking facilities and site improvements. <br /> <br /> ~ IT RESOLVEDbytheCouncil OF the City of Lakewood, Cuyahoga <br />County, Ohio: <br /> <br /> Section 1. That for the purpose of modernizing the Lakewood <br />Hospital by remodeling and improving the existing building and constructing <br />an addition thereto, acquiring real estate and interests therein and furni- <br />ture, furnishings and equipment and providing cfr-street parking facilities <br />and site improvements, it is necessary to issue bonds of said City in an <br />amount estimated as $1,800,000, and that it is necessary to levy a tax <br />outside of the constitutional ten mill limitation to pay the interest on and <br />to retire said bonds3 that the question of issuingsaid bonds and of levy- <br />ing of such tax shall be submitted to the electors of said City at the regular <br />November election to be held November 3, 1964; that Council estimates that <br />the approximate date of said bonds will be January l, 1965, that said bonds <br />will be paid in twenty annual installments maturing in substantially equally <br />amounts during a period of twenty years after the authorization thereof; and <br />will bear interest at a rate now estimated at three and one-half per centum <br />per annum, payable semi-annually. <br /> <br /> Section R. That the Clerk of Council be and she is hereby <br />authorized to certifya copy of this resolution to the Auditor of Cuyahoga <br />County for his calc-l~tion of the average annual tax levy required throughout <br />the life of the bonds to pay the interest on and to retire said bonds, assum- <br />ing that they are all issued in one series and that the amount of the tax <br />list of this City remains the same throughout the life of said bonds. <br /> <br /> Section 3. This resolution shall be in force and take effect immed- <br />lately after its adoption and approval by the Mayor. <br /> <br />Adopted :.July 6, .1964 <br /> <br />John Ga~dos, Jr, <br /> President of Council <br /> <br />Approved: .7~1y 7: 196~ <br /> <br />Mar~v Adams <br /> Clerk of Council <br /> <br />Robert M. Lawther <br /> Mayor <br /> <br /> <br />