1825 - 22 Construct sewer & water connections in Niagara

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Section 4: Thr~t to provide a fund for the payment of the portion of the cost and expense of said connections, for which th~special assessment herein is levied, the E~yor 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 aggregat9 sum ef $1,760.00. Such not~s shall Be signed and sealed as municip~l bonds are signed and sealed. They shall Bear interest at the rate of not to exceed eld per cent (6%) per annum, from the date of issue payable semi-annually on April 1 and October 1, and shall Be payable one on the first day of April 1925 and one every six months there,,fret until all are paid and retired. 3aid heres sM~ll recite upon theft face that they are issued for the purpose of ~netalling sewer and water connections ~n Eiagara Drive from Hilliard Road to Lakewood Heights ~oulevard. All assessments collected for said improvement, and all unexpended Balances rem~lnin~ in the fund after the cost and expenses of the improvement have been paid, 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 of Lakewood, Ohio we hereby pledged to the ~ayment of said notes and the interest thereon. If within the time above specified and Before the sale of said notes any of the owners of seid property shall p~y their total assessment ~n cash. the a~gre~ate sum of noteo to Be issued shall Be reduced By ducttn~ the amount so paid l~cash from the total amount of the fund to be provided. ~nd the notes issued shall Be ~everally reduced in amount pro- portionately. Section 6~ Th=t upon the ~ale of said notes the proceeds thereof to,ether with moneys received from c~sh payments of said assessments, sh~ll be placed in the City Treasury and disbursed upon proper vouchers in payment Of the cost and expense of the improvement aforesaid. Section ?: That said annual payments of said assessments and all portions thereof, shall Be applied to the payment of maid notes and the interest thereon, as the same eh~ll ~ecome due and to no other purpose whatsoever Section $: That for t~e purpose of pr~vidin~ funds in an ~mount sufficient to pay the principal mn~ interest on said notes, md to provide the sink- ing fund for the f£n~.~l redemption of such portion of s~id notes and in- terest as shall not Be p~id by the assessment aforesaid, there s~ll be and is hereby, levied upon all the re~l and personal property in the City Cf Lakewood. Ohio, a direct annual tax, in addition to all ether taxes, sufficient got said p~rposes, the amount thereof shall Be ascertained, levied ~d certified By the peeper tax authorities of ~ld City, annumlly, and s~ll Be collected as other taxes mrs collected. Section 9~ T~t an emergency exists for the immediate preservation of the public health, property and s~fety, arisin~ out of the necessity of the immediate construction of s~id connections and therefore this ordinance shall take effect forthwith and at the earliest period allowed By law. AdOpted: Approved: L. E. Hill " Yor L. A. Hildie .... presiden~ A. O, Guild Clerk