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<br /> <br />2 <br /> <br />( <br /> <br />~ <br /> <br />, <br /> <br />Section 4: That to provide a fund for the payment of the portion of the <br />cost and expense of said connections, for which the special assessment herein <br />is levied, the Mayor and Director of Finance be and they are herebysathorized <br />to borrow money and therefore issue notes of the City of Lakewood, in anti- <br />cipation òfthe collection Of said special assessments in the aggregate sum <br />of $2,120.00, Such notes shall be signed and sealed as municipal bonds are <br />signed and sealed, They shall bear interest at the rate of not to exceed six <br />per cent (6%) per annum, from the date of issue payable semi~~nnually on April <br />1st and October 1st and shall be payable on the first day of Àpril 1922 and <br />one every sic months ~hereafter until all are paid and retired, Said notes <br />shall recite upon their fact that they are issued for theprupose of install- <br />ing sewer and water connections in Franklin Avenue, All assessments collect~ <br />ed for said improvement, and all unexpended balances remaining in the fund <br />äfter the cost and expenses of the improvement have been paid, shall be applie <br />to the payme~ of the notes and the interest 6hereon until both are fully paid, <br /> <br />Section ~ '.rhe full faith and revenue of the City of Lakewood, Ohio are <br />hereby pledged to the payment Qf Bllid noteo and the interest thax·eon. U' <br />within the time above spsoifieda.nd before the sale of eai'l noteB any of <br />the owners of said prQperty sl~ll pay thelr total assessment in oash, the <br />£Ioggrcga te sum of notal! to bø i ;;;sued $hall be reduced by daduc tin('; the ao;;ount <br />so ~~id in cach from thototal amount of the fund to be provided, and the <br />notes Ïßouod 8Jm.ll bc nèvorn.lly reduced in n,nount p~oþortiono,tely, <br /> <br />Section 6; That upon the s,Üe of $I.J.ld noteS tho proceeds thcroof toc;øthør <br />with money" roeai vad froTa (HU'lh pr¡.yr;tents of sãid usscßsnont¡;, ¡¡hall be plaoed. <br />in the City Trea:Jury a.nd diaburoed upon proper vQuchers in :paymont of the <br /> Jcst and eXJ'e,,~H~ of the improvement aforesuid, <br /> <br />Seçtion7; Tllc"t aaid ännual payments of sni(~ ~saE!eGm(¡nts and all portions <br />thereof. shull PO applied to the payment of Guid notes ttnd thcintel"e:í;t <br />ther(jon, Ð.a the sama shall becorr;e due and to no other purtJ00e Whatsoever, <br /> <br />Secti.on 8 Th...t tor the purpollo of providing :tunds in an a.mount. sufficient <br />to pay th(~ principal !il.nd interoGt on said notes, and to provide the sinking <br />fun(l for the final ~edGr.1ption of Buell portion of c'àid notea and interest as <br />shall not be p~id Þy the aBoessment aforeaaid, there shRll be and is hereby <br />lClvied Upon all the real rmd personH,l prop;Jrty in the ai ty 01' Lakcwood, Ohio <br />a direct a.nnual tax, in a.d'l1 tion to all other ta.xea t auffioient for said <br />purpozeu, the amount thereof shall be a.soerte.ined, levied and certified by <br />the pI'opeI' tax llutho,>1tiea of I!'Ü'~ Ci ty, annually, and shallbe colleoted as <br />other taxe~ are collectedt <br /> <br />Section 9: Thr,·t a.il ener¡;¡ency exists for the immedb.te presérv"tion of the <br />public 'health, property a.nd aafety, Brising out of the neoe~aity of the <br />immsdip.te oon¡¡tr\¡ctio1. of ,"aid COl1l'leationa and therefore )his ordinance <br />shall take øífect forthwith an(la.t the earliest period alloVlod ,by law, <br /> <br />Adopted; <br /> <br />and -.-t <br />~~ -Presiden <br /> <br />. J.,J~O, ß_~.!1A_-.. Cler1>: <br /> <br /> <br /> <br />Ma.yo:r <br /> <br />ill <br /> <br />. <br /> <br />L'mE <br /> <br />Approved: <br />