1822 - 22 Construct sewer & water connections in Concord Dr

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-2- Section 4: That to provide a fund for the payment of the portion of the cost and e×pense of said connections, for which the special ~ssessment herein is levied, the ~ayer and Director of Finance Be and they are hereby authorized to borrow money and therefore issue notes of the City of Lake- wood in anticipation of the collection of said special assessments in the aggregate sum of $1,~80.00, Such notes mhall be sl~ned and sealed se municipal bonds are signed and sealed. They sh~ll be~r interest at the rate of not to exceed mix per cent (6%) per annum, from the d~teof issue, p~y~ble semi-annually on April 1 and October l, and shall be p~yable one on the first day of April 1923 and one every six months thereafter until all are paid and retired. ~aid notes shall recite upon their fsce t~mt they are issued f$~ the ~urpose of installing sewer end wa~er connections in Concord Drive from Riverway Drive to Delaware Avenue. All assessments collected for maid improvement, and all unexpended balances remm~ining in the f~nd after the cost mad expenses of the improvement h~ve been pmid, shall be applied to the payment of the notes ~nd the interest thereon until both are fully paid. Section ~: The full faith, credit and revenues of the City ef Lakewood, Ohio are hereby pledged to the payment Of said notes and theiAnterest thereon. If within the time above specified and before the sale ef smid notes any of the owners of e~id property s~ll pay their total assessment in eas~the aggregate sum of notes to he issued shell be reduced by de- ducting the amount so paid in cash from the total amount cf the fund to be provided, and the notes iemued shall be severally reduced in amount pro- pertionately. Section 6: That upon the e~le of e~id notes the~prooeeds thereof together 'with moneys received from cash payments of said assessments, shall be placed in the City Treasury and disbursed upon proper vouchers in payment of the cost and ex, ease of the improvement aforesaid. ~ection 7: Th~.~t said annual Dayment~ of said assessments and all portions thereof, shall Be applied to the payment of said notes and the interest thereon, as the same eh~ll become due nad to no other purpo~e whatsoever, Section 8: That for the purpose of providing funds in an amount sufficient to pay the principalaud interest onmid notes, and to provide the sin~ing fund for the final redemption of such portion of said notes and. interest as shall not be paid by the assessment aforesaid, there eh~l! be and is hereby levied upon all the real and personal property in the City of Lake- wood, Ohio, a direct annual tax, in addition to all other t~es, sufficient for s~id purposes, the amount thereof shall be ascertaihed, levied and certified by the proper tax authorities of said City,annually, and s~oall be collected am.ether taxes are collected, 3ection 9: TM~t an emergency exists for the immediate preservation of the public health, preperty and safety, ~risin~ out of the necessity of the immediate construction of said connections and therefore this ordinance shall take effect forthwith and at the earliest perios allowed by law. Adopted: .... 4pril ~, 1922 Approved: pr~sAdent ..... A. O. Guild Clerk .....