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<br />, <br /> <br />~. <br /> <br />. <br /> <br />r» <br /> <br />J ~, <br /> <br />) <br /> <br />( <br /> <br />#2. <br /> <br />Seetion 4: What to provide a fund for the payment of the portion <br />of the cost art.ð. eXpense øf saidccnnections, f'or which the special <br />aøsessm!intherein h ¡e"hd, the Mayor II.nd Director of F1Mnce be and <br />t4ey are herep¥' authoriZed to borrow money and therefor issue notes of <br />the City of Lakewood. in anticipation of the Oollection of said speoial <br />assessments in the aggregate sum 1)1f' $67.20.00, .Sù.ohnotes ehall be signoo <br />and sealed ae .municipal bonds are signed and sealed. T~ey 8~11 bear in~ <br />tereet a.t the rate of not to o:x;oeed 131:;;: peroent (6%) pers.nnuw, from the <br />date of 1saue, payable IJðmi~annually .on the Hrat \lay of Apr111~l,. and <br />One every 6ic months thereafter ¡,¡ntil aU arepá.id and retired, ;;;a.1d <br />tlOtea shall recihuþon their face t4at theY are issued for the p?-rpQse <br />of instalHhg sewer and water connections in Elbur Avenue. AUaSses.s~ <br />menta colleotéd fo.rsal<i improVß.ment. and all unexpended."alance:¡¡ re~ <br />maining in the fu.nd after the oost and expenses of th~ improvementl;lave <br />been paid, shall be ~pþl~ed to the pa~~ent of the notes and the interest <br />thereon until both are fully paid. <br /> <br /> <br />, <br /> <br />" <br /> <br />Beot1<>n~; The fµll fa.i tl;l and :revenue of the 01 ty óf La~~ewo.od, Ohio <br />are :nere~y pleð.gedto the payment Qf saið. notes and. the interest tMreøn. <br />If within the time abovèspeoified and before the sale of' said notes any <br />.f the ownørs o.f saidprQ:perty shall pay their total asaessment in ca¡;¡h, <br />the aggregate sum øf notes to be issued øhall be reð.uoed by dedu.oting <br />the amount .80 pa.id in. eash from the tota.l amount of the fund to be pro~ <br />Vidød, and,. the notes iuued s4all be severally ;reduoed in amount pro- <br />portionatøly. .~. <br /> <br />$øotion 6: That upon the sale of said notes the procee4e thereof <br />togethør with moneys reoeived from the oash payments of said .asseument:¡¡., <br />..hall þe plaoed in the Oity Treasury and \lisburaed upon proper vouchers <br />in payment of the oost and expense of the improvement aforesa1ð.. <br /> <br />Seotion 1: That said annual payments of aaid assessments and all <br />pOrtions thereof, ¡¡hall pe arplied to the payment of said notes and tl;le <br />interest thereon, as the same shall beoome due and to nO other purpose <br />w4atsoever. <br /> <br />Seotion $: That for the purpose of prQviding funds Lnan amount <br />suf;noient to pay the l'rinoipal and interest on said notes, <"nd to p.ro~ <br />vide the Sinking FUnd for the final redemption of suCh portion of said <br />notes and interesta¡¡ shaU nøt be pa1dby the asseasmente.foresaid, theee <br />shall be and is hereby levied upon all the real and personal property in <br />the City of La.kewood, OhiO, a direct annual tax in addition to . all other <br />taxes, sufficient for said purposes; th~~unt thereof ¡¡hall be aster- <br />tained, levied·and oel'tifiéd "if the propártax authorities of said City <br />annually, and shall þè oo11eoted as other taxes are oolleoted, <br />" <br /> <br />Section 9: Tþat an emergency exi6~~ for the i¡F~ediate preservation <br />of the public hea¡th,property and safety, arising put of the neoessity <br />of the 1mmediate construotion ot said connections and therefore thiQ <br />ordinance shall take effect forthwith and at the earliest period allowed <br />by laW. " <br /> <br />L. A. Hildie <br />PresIdent rotem <br />A. O. Gutld <br />Clerk <br />, <br /> <br /> <br />: <br /> <br />Adopted: <br /> <br />Approved <br /> <br />Hill <br />---" ...-.-..... <br />Mayor <br /> <br />15. <br /> <br />L. <br />