1821 - 22 Construct sewer & water connections in Arden Ave

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S~otion 4: That cost and expense he~ein is levied, to provide a fund for the paument of the portion of the of said connections, for which the special assessment the Mayor and Director of Finance be and they are hereby authorieed to borrow money and therefore issue notes of the City cf L~ke- wood in anticipation of the collection of said special assessments in the aggregate sum of $1,180.00. Such notes s~l be signed and sealed as municipal bonds are signed and sealed. They shall bear interest at. the rate of not to exceed six per cent (6%) per annum, from the date of issue, payable semi-annually on April i and October l, and shall be payable, one on the first day of April 1923 and one every six months thereafter until all are paid and retired, Said notes shall recite upon their face that they are issued for the purpese of inatalling sewer and water connections in Arden Avenue from Alger Road to Andmar Avenue. All assessments collected for said improvement, and all unexpended balances re- maining in the fund after the coat and expenses of the improvement have ~een paid, shall be applied to the payment of the notes and the inter, st thereon until both are fully paid. Section %: That full faith, credit and revenues of the City of Lakewood, Ohio are hereby pledged to the payment of said notes and the interest thereon. If within the time above specified and b~fore the sale cf said notes any of the owners ef said property shall pay their total assessment Cash, the ~ggre~ate sum cf notes to be issued shall be reduced by deducting the amount so paid in cash from the total amount of the fund to be pro- v~ded, and the notes issued shall be severally reduced in amount pro- portionately. ~ection ~: That upon the sale of said notes the proceeds thereof to- gether with money~ received from cash payments o~ s~id ~ssessments, shall be placed in the City Treamury and disbursed upon proper vouchers in pay- ment of the cost and expense of the improvement aforesaid. Section ?: T~et said annual payments of said assessments and all portions thereof, shall be applied %o the payment of said notes and the interest thereon, as the es~e shall become due and to no other purpose whatsoever. Section 8~ T~-,% for the purpose of providing funds in an amount sufficient to ~ay the principal and interest on saidnotes, and to provide the sink- inf gund for the final redemption of such portion of said notes and rarest as shall not be paid by the assessment aforesaid, there shall be and is hereby levied upon all the real an,i personal property in the City of Lakewood, Ohio, a direct annual tax, in addition to all other taxes, sufficient for said purposes, the amount thereof shall Be ascertained, Levied and certified by the proper tax authorities of said City, annually, and shall be collected as other taxes are oollectedo Section 9: T~t an emergency exists for the immediatel preservation of the public health, property and s~fety, arising out of the necessity of the immediate-~o~t$~ction Of said connections and therefore this ordinance shall t~ke effect forthwith and at the earliest ~eriod allowed bylaw. Adopted: Approved: AOril ~. 1922 L. E. Hill Mayor A. O. Guild Clerk