1826 - 22 Construct sewer & water connections in Overbrook Ave

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- 2 section 4: That to provide a fund for the payment of the portion of the cost and expense of said oonneotions, for which the special assessment herein is levied, the Mayor and Director of Firmnce be and they are hereby authorized to borrow $oney and therefore issue notes of the City of Lake- wood in anticipation of the collection of said special assessments in the a~re&ate cum of ~1,100,00o Such notes s~ll be ei..~s~ne~nd ~ealed 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 p~yable semi-annually on April 1 end October 1, and shall be payable one on the first day of April 1923 ~nd one every six months thereafter until all are paid and retired. Said notes sh~ll recite upon their face that they are issued for the purpose of installing sewer and ~ater connections in O~erbrook AVenue from ~lverway Avenue to ~ndianola AvenUe. All assessments collected for said improvement, and all unexpended balances ~emaining in the fund after the oo~t and ex~onse of the improvement b~en paid, shall be applied to the payment of the notes and the interest thereon until both are fully paid. Section ~.: The full faith, credit and revenue~ of the City of Lakewood, Ohio are hereby pledged to the payment ofsmid notes and the interest there- eh, If within the time abovo specified and before the sale of s~id notes any of the owners of said property shall ~y their total assessment in cash, the aggregate cum of notes to be issued z~ll be reduced by deducting the am~otult so paid in cash from the total amount of the fund to be pro- vided, and the notes issued shell be severally reduced in amount pro- portionately, Section 6: T~.t upon the sale of said notes the proceeds thereof together with moneys received ~rom tach payments of said ~,sseosments, shall be placed in the City Treasury and disbursed upon proper vouchers in paj~aent of the cost e,nd exoenseof the improv~ont aforesaid. ~eotion 7: Tha. t said annual payments of said assessment~ and all portions thereof, shall be applied to the ~syment of said notes end the interest thereon, as the same shall become due and to ns other purpo~e whatsoever. Section 81 Thst for the wurpoae of providing funds in an amount sufficient to pay the principal and interest on said note~, md to provide the sinking fund for the final redemption of such portion of said notes and interest as shall not be paid by the ~ssemsment aforesaid, tl~ere shall be and is hereby levied upon all the real and personal property in the City of Lakewood, Ohio, a direct annual tax, in addition to all other taxes, sufficient for said purposes, the amount shall be ascertained, levied and certified by the proper tax authorities of said City, annually, and shall be collected ;~s other taxes are collected. Section 9: That an emergency exists for the i~edi~te preservation of the public health, property and safety, artslnf7 out of the necessity of the immediate construction of a~id eonnection~ and therefore this ordinance s~ll take effect forthiwth and at the earliest period allowed by law. Adopted~ April 3, 1922 L. A, Hildie Approved: L. E. Hill A. O. Guild ...........