East Cleveland leader. [volume] (East Cleveland, Ohio) 1942-1970, 1956-11-22
ORDINANCE NO. 1890
By: Paul W, Broer

By: Paul W. Broer
AN EMERGENCY ORDI-
NANCE AUTHORIZING
THE ISSUE OF BONDS
| IN THE SUM OF TWO
HUNDRED AND FIFTY
/ THOU SAND DOLLARS
($250,O00.00) FOR THE
PURPOSE OF PROVIDING
A FUND TO PAY THE
CITY'S PORTION OF THE
EXPENSE OF CERTAIN
PARK AND PLAYGROUND
IMPROVEMENTS.
WHEREAS, at the General
1 Election held in the City of East
Cleveland on the 9th day Of No
yember, 1856. the qualified cleo
tors Of said City approved by the
requisite majority vote the iSsu-
ing of bonds in the sum of Two
Hundred and Fifty Thousand
Dollars ($25O,O0O.00) for the pur-
pose of providing a fund to pay
the City's portion of the expense
Of park and playground. improve
ments as provided by Resolution
No. 1441, passed July 10, 1856,
and Resolution No. l443, passed
July "a, 1856, and
WHEREAS, this Commission has
requested the Director of Finance
to issue his certificate as to the
estimated life of the property,
asset, or improvement proposed to
/ be acquired or constructed from
the proceeds of the bonds herein
after referred to, and the Director
of Finance has certified to this
Commission the weighted average
Of the estimated life as fifteen
/ (l5) years, and has further certi-
/ fled that the maximum maturity
of such bonds is ten Q0) years,
and
WHEREAS. this Commission
estimates that tax for said bonds
will first appear upon the dupli-
cate for the tax year 1857, and
that the tax settlement with the
County Treasurer next following
! the inclusion of tax for this
issue in the annual budget by the
County Auditor, as provided by
law, will be obtained not earlier
than the first day of April, 1868,
and will require that interest from
/ January /, 1857. to September 80,
1857, inclusive, be included in the
amount of the issue to care for
interest maturing previous to the
receipt of taxes pursuant to Sec
ton 1925 Revised General Code,
and
WHEREAS, this ordinance con-
stitutes an emergency in that the
same provides for the immediate
preservation of the public peace,
| property, health and safety, by
providing for necessary public
| improvements.
! NOW, THEREFORE, BE 1T
ORDAINED by the Commission of
the City of East Cleveland, Ohio,
four-fifths of all members elected
thereto concurring.
SECTION /: That it is deem ed
necessary to issue bonds of the City
of East Cleveland in the principal
sum of Two Hundred and Fifty
/ Thousand Dollars (S250,000.
for the purpose of providing a
fund to pay the City's portion of
the expense of park and play
ground improvements, including
the purchase of land, and it is
| hereby determined that this Com
mission will not issue notes in
anticipation of the issue of said
| bonds.
SECTION 2: That bonds Of the
City of East Cleveland shall be
issued in the principal sum of Two
Hundred Fifty Thousand Dollars
($250, 100000 for the purpose
aforesaid, said bonds being
numbered from ! to 25O, both
inclusive, and serially numbered
from 6210 to 6459, both in
elusive; each of said bonds shall
be in the sum Of One Thousand
Dollars ($1,000.00) and shall be
dated January j, 1857, and shall
bear interest at rate of approx
mately two and three-fourths per
! cent (2a4fo) per annum, payable
semi-annually on the first days of
April and October in each year
until the principal sum is paid.
Said bonds shall be serial bonds
and shall mature in the amount
of Twenty-Five Thousand Dollars
1925, ,OOO.O0) on October / of each
of the years 1858 to 1867, both
inclusive, which maturities are
hereby determined to be in equal
annual installments and the prin-
cipal and interest on said bonds
shall be payable at the main office
of the Cleveland Trust Company,
Cleveland. Ohio.
SECTION 3: That said serial
bonds shall be prepared, issued
and delivered under the direction
of the President of the Commission
and the Director Of Finance, and
sealed with the corporate seal of
said City, and the interest coupons
attached to said bonds shall be
executed by the Director of FL
nance with his signature printed
or Autographed thereon. and said
serial bonds shall express upon
their face the purpose for which
they were issued, and the fact
that they are issued in pursuance
of law and this ordinance.
SECTION 4: That the faith,
credit, and revenue of the City of
East Cleveland are hereby irrevo-
cably pledged for the prompt pay
ment of both principal and interest
on the bonds hereinbefore described
at maturity in accordance with the
laws and constitution of the State
Of Ohio. 81
SECTION s: That for the pur-
pose of providing the necessary
funds to pay the interest on the
foregoing issue of bonds prom~tly
when and as the same falls due,
and also to provide funds sufficient
to discharge the said serial bonds
at maturity, there shall be, and