1827 - 22 Construct sewer & water connections in Elbur Ave

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-2- Section 4: That to provide a fund for %he payment cf %h~ portion of the cost and expense of maid connections, for which the special assessment herein is levied, the Mayor and Director of Finance Be andthey are hereby mut~orimed to berrsw money and therefore issue notes'~cf-the City of Lake- wood In anticipation of the collection of maid special mssessmen~ in the aggregate sum of $2,~32.00~ Such notes ehall be si~ned and sealed am municipal bonds are si~ned and sealed. They shall bear interest at the rate of not to exceed six percent (6%) per annum, from the date of issue, payable semi-annually on April let and October let and shall be payable eno cn the first day of ^pril 192~ and one every six months thereafter uatil are paid and retired. Said notes shall recite upon their face that they ~re issued for the purpose of installin~ sewer and water conneo- %ione i~ Elbur Avenue from Clifton Boulevard to ~erle Avenue. All amsessments collected for ~aid improvement, and all unexpended Balmncee remaining in the fund after-the cost and expenses cf the improvement h~ve Been paid, chill be applied to the p~yment of the notes ~nd the interest thereon until Both ~re fully paid. Section 5~ The full faith, credit and revenues of the City of Lakewood, Ohio are hereby pledged to the p~yment of maid notes and the interest thereon,. ~f within the time above specified and Before the sale of said ~otes any Of the owners of ~id property e~all pay their total aseessment in o~sh, the aggreg~te sum of notes to be issued shall be reduced by de- ducting the ~ount so p~ld ~n cash fromm the total ~ount of the fund to Be provided, and t~e notes i~ued ~ be ~everally reduced in amount proportionately, Section 6~ T~t upon the sale of s~id notes the proceeds thereof together with moneys received from cash p~yment~ of said a~sessments, shall Be placed in the City Treasurs~ and disbursed upon proper vouchers in payment cf the cost and expense cf the improvement eferesaid. Section ?:~That said annualI p~ments of said~'sessments and all ~orticnS thereof, eha~l Be applied to the payment of s~ld notes and the inter,:st thereon, as the same shall become due and to no other purpo~e whntsoever. Section 8: Theft for the ""urpOee Of providin~ funds in an e~uount su[fiCient tc pmy the principal and interes~ on maid notem,and to ~rovide the sink- ~ng f~md for the final redemption of e~ch portion of sa~dnotee and tere=t as shall~net be paid by the asseenment aforesaid, there eh~ll be and i~ hereby levied upon all the real and personal property in the City of Lakewood, Ohio, a direct ~nnual tax, in ~ddition to all Other taxes, Sufficient for said purposes, the a~ount thereof sahll be ascert~ined~ levied and certified by 'the proper tax ~.uthorities of said City, annually, and ~ll be collected as other taxes ~re collected, Section ~; Th~.t an emergency exist~ for the immedt~te preeerv~tion of the pu~lic health, ~reperty and safety, arising out of the nece~sity of the i~med~te senstr~cticn of ~aid $onnections and therefore this ordin~nce shall take ef£ect forthwith and at the earliest period allowed by l~w, Adopted: ~-~ ........ ~president Approved: . A. O. Guild Clerk