East Cleveland leader. [volume] (East Cleveland, Ohio) 1942-1970, 1961-09-21

land delivered under the direc-
tion of the President of the Com
mission and the Director of FL
nance, and sealed with the cor
porate seal of said City or a
facsimile thereof; shall be
signed by the President of the
City Commission and by the
Director of Finance, provided
that one Of such signatures may
be a facsimile signature; and
the interest coupons attached to
said bonds shall be executed by
the Director of Finance with
his signature printed or litho-
graphed thereon, and said serial
bonds shall express upon their
face the purpose for which they
are issued, and the fact that
they are issued in pursuance of
law and this ordinance.
SECTION d: That the faith,
credit, and revenue of the City
of East Cleveland are hereby
Iirrevocably pledged for the
prompt payment of both prin-
cipal and interest on the bonds
hereinbefore described at ma
turity in accordance with the
laws and constitution of the
State of Ohio.
SECTION 5: That for the
purpose of providing the neces-
sary funds to pay the interest
on the foregoing issue of bonds
promptly when and as the same
falls due. and also to provide
funds sufficient to discharge
the said serial bonds at matur-
ity, there shall be, and there is
hereby levied upon all taxable
property in said City of East
Cleveland in addition to all
other taxes, direct tax annual
ly, outside of the limitations
imposed by Section 2 of Article
XII of the Constitution, during
the period for which said bonds
are to run, in an amount suf-
ficient to provide funds to pay
interest upon said bonds when
and as the same falls due, and
also to provide a fund for the
discharge of the principal of
said serial bonds at maturity,
which tax shall be not less than
the interest and sinking fund
tax required by Section II of
Article XII of the Constitution.
SECTION 6: That said tax
shall be, and is hereby ordered
computed, certified, levied and
extended upon the tax duplicate,
and collected by the same Off
GERS and in the same manner
and at the same time that the
taxes for general purposes are
certified, extended and collected. :
That all funds derived from said
tax levies hereby required shall {
be placed in a separate and :
distinct fund, which, together
with all interest collected on the '
same, h all be irrevocably {
pledged for the payment Of the I
interest and principal of said !
bonds, when and as the same
falls due. {
SECTION Z: That said bonds
shall be first offered at par t
and accrued interest to the t
Trustees of the Sinking Fund I
Of the City of East Cleveland, '
IN their official capacity, and l
f said Trustees refuse to take
any or all of said bonds at par |
and accrued interest, then said !.
ponds, not SO taken, shall be
offered to the proper officials
'or the Treasury Investment {
Fund under Sections 1.56 and !.
1857, Revised Code, and if said !
officials refuse to take any or J
al of said bonds for the Treas .
Try Investment Fund at par and l.
accrued interest, then said =
ponds. not so taken, shall be /
for public sale and Q
old in the manner provided by p,
aw, providing that they are e
lot sold for less than their par
yalue and accrued interest, and |
he proceeds from the sale of y
aid bonds, except the premium II
md accrued and capitalized in |
crest thereon, shall be used for Il
he purpose aforesaid and for '
10 other purpose; and the pre- '.
mum and accrued and capital ,
zed interest received from such :
ale shall be transferred to the =
'rustees of the Sinking Fund, to q
e applied by them to the pay q
nent of the principal and inter 2
,st of said bonds in the manner 7
provided by law. .
SECTION 8: That this ordi- !,
lance is hereby declared to be !.
IN emergency measure in that !,
is necessary for the immedi- a a
tie preservation of the public n n
eace, property, health and safe 8,
V, by providing for necessary 3
,ublic improvements, and pro- .
.ided it receives the affirma- a
i've vote of four-fifths of all n
members elected to the City c
Commission, it shall take effect a
nd be in force Immediately u
Ipon it's passage; otherwise, it s.
hall take effect and be in force fl
rom and after the earliest e.
,eriod allowed by law. P
PASSED: Sept. 19, 1861 A
Isl G. T. Apthorp
Clerk Of the Commission
Published: Sept. 81, 1861 ,P
RESOLUTION