1746 - 21 Construct sewer & water connections in Lakewood Hts Blvd

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~ .--...,.,..,....-,...,.-~~.~_._~..,.......,.....-~- ".) ( 2 ) . Sectioß ~ì T~t to provide a fund for the payment of the portion of thê ooat and' expense of said conneotions. for which the special aSlllessmen1; h herein is levied. the Mayor and Director of Finance be and they are hereby authorized to borrow money and thewefore issue notes of the City of Lake- wood in antioipation of the cOllection of said speoial assossraent6 in the aggregate SUrn of $7.860.00. Such note¡¡ shall be liligned and sealed as municipal bQnds are signed and sealed. The:! shall betJ.r interest at the rate of not to exceed Six per cent (6%) per annum. tram the .date of issue¥: payable semi-annually on April 1st and Ootober 1, rmdshall be pay¡¡,ble one on the first da.y of April 1923 and one evoryøi" raontha theX'od'ter until all are paid and retired. Sa.id notes '3ha.ll reçi te upon their face thú.t they are issued for the purpose of insta.lling sewer and wHtel' connec- tions in Lakewood Heights Boulevard from Kyle Avenue to Riverside Road. All IUJSellsraont¡¡ oolleoted for s¡¡,id improv\lljnt,and all unexpended balances remaining in the fund after the cost and expenses of the improvement have been paid. 8h&11 be I./,pplied to the payment of the notes and the. interest thereon until both are fully paid. .. .. " are Section 5: The full faith and revenue of the City of Lakewood. Ohio hereby pledged to the payment of said notes and the interest ther&on. If within the time above specified and before the sale of saidnotes any of the owners of 6:1 id property .};¡.all pay their total aSSCGGment in cash'. the 1ò(~gregD.te sum of n<>tes to b¢ iuued shall be reduoed by deducting the amount so paid in cash frora the total &rrount of the fund to be pro- vided and tho notes issued sh~ll be eeverally reduced in amount propor- ti011f.J. tely, Section 6: Th::,t upon the sale of said notes tÜe proceeds thereof together with mon",YG reoeived from oash payments Qf said assessments, ¡:¡hall be placed in the City Treasury and disbursed upon proper vo~chers in payment of the oOst and expense of the improvement aforesaid. and all portions 1 the int.srest o sa whptsoever,' Séotion 7: T~,t said annual payments of said assess~enta thereof. shall be applied to the payment of said Jjptes an theroon. as the same sl1",ll become due an'} to no oth!>):' purr Seotion 8: Th8t for the purpose of providinß funds in an amount suffioient. to pay the principal and interest on said notea. r,nrl to provide the sink- ingfund for the final redc';¡ption of su£íl1 portion of snid notos and in- terest as (¡l1::Ùl not be prd.d b~r the assessment n:f'ore$aid. there shall be ø.nd is twreby levied upon all the real and personal property in the City of Lakewood, Ohio, a direot annu<J.l ta.x, inaddition to 1111 oths'-' ta;,oa. euffioier¡t for eliid purT,o¡:es. the amount thereof. shall be aace:r.tnined. levied and oertified by tho proper tax aut11oritho of naid City. annually, and sì~ll be oollected as other taxes are colleoted, the Section 9= That an omergenoy eXists for the immediate preservation of public health. property and safety, arising out of the neoessity of the immediate oons truotio'n of said conneotiona a.nd therefore thilJ ordinnnoe shall ta.ke effect fortlli1ith and at the earliest eriod allowed by law. ~~~).. 11,ft·y. }.ß... Adopted. vµJ.J.p.. P". .~". .'............ Clerk .' ¡J. .¡ittt,~.. t.. "'nyor L. . . . . . Approved: