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

PURPOSE OF PROVID-
ING A FUND TO PAY
THE CITY'S PORTION OF
THE EXPENSE OF CON-
STRUGGLING, ECON
STRUGGLING, REPAIRING
AND IMPROVING SAM
TARY AND STORM SEW
ERS AND CONDUITS.
WHEREAS, at the General
Election held in the City of East
Cleveland on the 4th day of
November, 1858, the qualified
electors of said City approved
by the requisite majority vote
the issuing of bonds in the sum
of Eight Hundred and Fifty
five Thousand Dollars 1885,
.000.00) for the purpose of pro-
viding a fund to pay the City's
portion of the expense of con-
structing, reconstructing, re-
pairing and improving sanitary
and storm sewers and conduits
as provided by Resolution No.
1461, passed July Is, 1868, and
Resolution No. 1862, passed
July 20, 1858, 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 con-
structed from the proceeds of
the bonds hereinafter referred
to, and the Director of Finance
has certified to this Commits
sion such estimated life as
twenty-five (25) years. and has
further certified that the maxi
mum maturity of such bonds is
fifteen (15) years, and
WHEREAS, this Commission
has determined to issue the
bonds so voted by the electors
in installments and to issue at
this time the second and final
installment or series thereof
bearing the terms hereinafter
set forth, and
WHEREAS, this Commission
estimates that a tax for said
bonds will first appear upon the
duplicate for the tax year 1862,
and that the tax settlement with
the County Treasurer next fol-
lowing the inclusion of a tax
for this issue in the annual
budget by the County Auditor,
as provided by law, will be OBJ
tained not earlier than the first
day of April, 1868, and will re-
quire that interest from Novem-
Der Is, 1861, to September 80,
1862, inclusive, be included in
in the amount of the issue to
care for interest maturing pre-
vious to the receipt of taxes
pursuant to Section 1925 Re-
vised Code, and
WHEREAS. this ordinance
Constitutes an emergency in
that the same provides for the
preservation of the
public peace, property, health
and safety, by providing for
necessary public improvements.
NOW, THEREFORE, BE 1T
ORDAINED by the Commission
If the City Of East Cleveland,
Ohio, four-fifths of all members
elected thereto concurring.
SECTION l: That it is
leemed necessary to issue the
,onds authorized by the cleo /;
ors for the purpose herein
Ifter stated and hereinabove re-
tied in installments and to is !
ue presently the second and J
inal series Of said bonds in the
principal sum of Five Hundred {
7ifty-five Thousand Dollars
S555, ,000.00) for the purpose
f constructing. reconstructing, 4
epairing and improving sani- {
airy and storm sewers and con- q
uits, and it is hereby deter 5
1ined that this Commission
'ill not issue notes in anticipa-
ion of the issue of said bonds.
SECTION 2: That bonds of
he City of East Cleveland shall S
e issued in the principal sum a
f Five Hundred Fifty-five t
thousand Dollars 1855, 100000 I
or the purpose aforesaid, said +
onds being numbered from | to =
55, both inclusive, and serially /
umbered from 7010 to 1864. 5
9th inclusive; each of said !
onds shall be in the sum of D
me Thousand Dollars (S1, ,000.- n
o. and shall be dated Novem- c
er Is, 1861, and shall bear in ?
crest at a rate of approximate
three and one-fourth per cent I
3A To) per annum, payable q
emi-annually on the first days /
f April and October in each a
ear until the principal sum is p
aid. Said bonds shall be serial I
onds and shall mature in the P
mount of Thirty-five Thousand Y
dollars ($35,000.00) on October I
st of each of the years 1863 to \
971, both inclusive, and in the I
mount of Forty Thousand Dol a
ars ($40,000.O0) on October u
st of each of the years 1872 to 5
977, both inclusive, which ma 1
are hereby determined ?
0 be in substantially equal an I
uai installments and the prin-
ipal and interest on said bonds
hall be payable at the main I
ffice Of the Cleveland Trust
n M Tin,,nIoaI nL.~