East Cleveland leader. [volume] (East Cleveland, Ohio) 1942-1970, 1959-05-14

this time a first installment OF
series thereof bearing the term.
hereinafter set forth, and
WHEREAS, this Commission
estimates that a tax for sale
bonds will first appear upor
the duplicate for the tax year
1859, and that the tax settle.
ment with the County Treasurer
next following the inclusion OF
a tax for this issue in the an
nual budget by the County Au-
ditor, as provided by law, will
be obtained not earlier than the
first day Of April, 1860, and
will require that interest from
July 1, 1859, to September 30,
1859, inclusive, be included in
the amount of the issue to care
for interest maturing previous
to the receipt of taxes pursuant
to Section 1925 Revised Code,
and
WHEREAS, this ordinance
constitutes 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-fiftns of all members
elected thereto concurring.
SECTION 1: That it is
deemed necessary to issue the
bonds authorized by the electors
for the purpose hereinafter
stated and hereinabove recited
in installments and to issue
presently a first series of said
bonds in the principal sum of
Three Hundred Thousand Dol
lars ($300,000.0O) for the pur-
pose of constructing, recon-
structing, repairing and improv-
ing sanitary and storm sewers
and conduits, and it is hereby
determined that this Commits
sion 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 Three Hundred Thousand
Dollars ($300,00O.00) for the
purpose aforesaid, said bonds
being numbered from / to 300,
both inclusive, and serially num-
bered from 6710 to 70O9, both
inclusive; each of said bonds
shall be in the sum of One
Thousand Dollars (S1,000.00)
and shall be dated July /, 1859,
and shall bear interest at a rate
of approximately three and one
fourth per cent (3A%o) per
annum, payable semi-annually
on the first days of April and
October in each year until the
sum is paid. Said
bonds shall be serial bonds and
shall mature in the amount of
Twenty Thousand Dollars $780,
O00.0O) on October l of each
Of the years 1860 to 1874, both
inclusive, which maturities are
hereby determined to be in equal
annual installments and the
principal 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 direc-
ton of the President Of the city
Commission and the Director of
Finance, and sealed with the
seal of said City orI
a facsimile thereof; shall bel
signed by the President of the
City Commission and by the
Director of Finance, provided
mat one Of such signatures may |
De a facsimile signature; and
he interest coupons attached
70 said bonds shall be executed
oy the Director of Finance with
MS signature printed or litho-
thereon, and said serial
bonds shall express upon their
face their purpose for which
they are issued, and the fact
that they are issued in pur-
suance of law and this ordi-
nance.
SECTION d: That the faith,
credit, and revenue of the City
If East Cleveland are hereby
rrevocably pledged for the
prompt payment of both prin-
,ipal and interest on the bonds
nereinbefore described at ma
.urity in accordance with the
avs and constitution of the
State of Ohio.
SECTION 5: That for the
purpose of providing the neces-
f.. l.