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<br />( <br /> <br />~ <br /> <br />( <br /> <br />. <br /> <br />. ' <br />Seotion 4: That to provide a fund for the ~ayment of the portion of the <br />oos1; and expense of said oonneotions. for Whioh the special assessment <br />herein 1s levied, the Mayor and Pirector of Finance be and they are hereby <br />/ltuthorized to borrow money and therefore issue notes of the City of Lake- <br />wood in anticipation of the oollection of I'mld special assessments in the <br />aggregate sum of $2.46Q.00. Suoh notes shall be signed and se!lled as <br />municipal bonds are signed and iloaled. They shall beaor interest at the <br />ra.te of not toexoeed six :per cent (6%) per annum, fro¡r; the dnte of iOGue, <br />payable semi"annually on April 1st a.nd October, 1. and shall be payable <br />one on the first day of April 1923 and one every six months thereafter <br />until all are pa,id and reUred. 13aid notes shall recite upon their fa.oe <br />th~t they are issued for the purpose of installing sewer ro1d water <br />connections in Bayes Avenue from Drown Road to Warren Road. All aasess- <br />ments oollected for said improVement. and all unexpended bal~~ces re- <br />I!\aining in the fund after the oost o.nd expenses of the. improvement have <br />been paid, S!1¡lU be a.ppl1ed to the payment of the notes a.nd the interest <br />thereon until both are fully paid. <br /> <br />¡ <br /> <br />) <br /> <br />. <br /> <br />2 <br /> <br />- <br /> <br />, <br /> <br />. <br />\ <br /> <br />Section 5: The full faith a.nd revenue of" the Oi ty of Lakewood.. Ohio are <br />hereby pledged to the payment of said notes and the interest thereon. <br />If within the time above speóified and before the sale of said notes any <br />Of the o'liner¡¡ of' s¡-.id property shall pay their total asse¡¡S!1umt in Clash. <br />t.he aggr,¡ga te sum of notes to be issued· Shall be reduoed by deduoting <br />the ~ount so paid in oash from the total amount of the fund to be pro- <br />vided. and the notes isaued s~~ll be oeverally reduced in amount pro" <br />portionately. <br /> <br />Section 6: Th1'1 t1xpon the sale of sRid notes the prooeeds thereof' to.. <br />f;ether with ijloneys reoeived from oash payments of said assessments. shall <br />be placed in the City ~reasury and disbursed upon proper vouchers in pay- <br />ment of the cost and expense of the improvement aforesaid. <br /> <br />Section 7: That Baid annual payments of said assessments and all portions <br />thereof', sh,Ül be applied to the '¡:)(j.Y!í1í.mt of said. notes e.n(l the interest <br />thereon. Qa the !;s.me ahall become due and to no other -'urp06e wlmtsocver. <br /> <br />Section 8: Th;:;t for the purpo<:<e of providing fund.s in an amount sufficiemt <br />to pay the principal and interest on said notes. and to provide the sink- <br />ing fund for the final redemption of such portion of sQ.id notes and in- <br />terest as shall not be paid by the assessment aforesaid. there sJwll be <br />and is hereby levied upon all the real and peraonal property in the City <br />Of I.akewood. Ohio. a direct Mnual tax. in n-ddition to all other taxea. <br />sufficient for said þur)oseu, the amount ....l1.erøof shal.l be al;certained. <br />levied and certified by the proper tax flutilori ties of said City, I'll1nually. <br />and shall be collected as other taxes are colleoted. <br /> <br />Section 9: 1ha,t an emergenQy øxhh for the immediate :preserva.tion of <br />the public he~lth. IJrOperty and 3afet~r. arising out of the necessi t~r of <br />the immed:iate Construction of said conneotions and therQfore thiu ordinance <br />8h8011 take effect forthwith and at the earliest period allowed by law. <br /> <br /> <br />- <br /> <br /> <br />Jul <br /> <br />Ado:ptedl <br /> <br />Guild <br /> <br />o <br /> <br />A. <br /> <br />Clerk <br /> <br />. <br /> <br />MâyOÌ' <br /> <br />Hill <br /> <br />E. <br /> <br />L. <br /> <br />Approved: <br />