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Sec~;io~ ,$: That <br /> <br />to provide a fund for the payment of the portion of the <br /> <br />cost and expense of said connections, for which the special assessment <br />herein is levied, the Nayor and Director of Finance be and they are hereby <br />authorized to borrow money and therefore issue net es of the City of Lakewood <br />in anticipation of the Collection of said special assessments in the <br />aggregate sum of $I,092.00. Such notes shall be signed and sealed as <br />municipal ~nds are signed and sealed; They shall bear interest at the <br />rate of no~exceed six per cent (6%) per annum, from the date of issue, <br />payable semi-annually on April 1st and October 1st, and shall be payable <br />one on the first day of April 1923 x~ione every six months thereafter <br />until all are paid and retired. Said notes shall recite upon their face <br />that they are issued for the purpose of installing sewer and water <br />connections in Archdale Avenue from Larch$ont Avenue to Riverside Road. <br />Ail assessments collected for said improvement, and all unexpended balances <br />remaining in the fund after the cost and expenses of the improvemen~ have <br />been paid, shall be applied to the payment of the notes and the interest <br />thereon until both are fully paid. <br /> <br />Section ~: The full faith, credit'and revenues of the City of Lakewood, <br />Ohio are hereby pledged tc the payment of said notes and the interest <br />thereon. Xf within the time above specified and before the sale of said <br />notes any of the owners of said property shall pay their total assessment <br />in Cash, the aggregate sum of notes to be issued shall be reduced by de- <br />ducting the amount so paid in cash from the total amount of the fund to be <br />provided, and the notes issued sh~ll be severally reduced in amount pro- <br />portionately. <br /> <br />Section 6: That upon the sale of said notes the proceeds thereof together <br />with moneys received from cash payments of said assessments, shall be <br />placed in the City Treasury and disbursed upon proper vouchers in payment <br />Of the cost and expense of the improvema2t aforesaid. <br /> <br />Section ?: That said annual payments of said assessments and all portions <br />thereof, shall be applied to the payment of said notes and the interest <br />thereon, as the same shall become due and to no other purpose whatsoever. <br /> <br />Section 8: That for the purpose o£ providing fundsTin an amount sufficient <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 said notes and in- <br />terest as shall not be paid by the assessment aforesaid$ there shall be <br />and is hereby levied upon all the real and personal property i~ the City <br />cf LakewOod, Ohio. a direct annual tax, in addition to all other taxes, <br />Sufficient for said purposes, the amount thereof shall be ascertained, <br />levied and certified by the proper tax antkorities of said City, annually, <br />and shall be collected as Other taxes a~eocollected. <br /> <br />Section 9: That an emergency exists for the immediate preservation of <br />the public health, property and safety, arising.~o~t of the necessity of <br />the immediste construction of said connections and therefore this ordinance <br />shall take effect forthwith and at the earliemt period allowed bylaw. <br /> <br />Adopted: <br /> <br />April ~,1922 <br /> <br />L. A. Hildie <br /> Pre s i dent <br /> <br />Approved: <br /> <br />L. E. Hill A, O. Guild <br /> May~r clerk <br /> <br /> <br />