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shall be ~ayable each year thereafter with in~eres~ thereon at the <br /> ra%e of u per centum per annum, payable semi-annually on April i and <br /> October i each year,~ until all of the said bonds have been duly paid <br /> and retired, and shall be payable, both principal and interest at thc <br /> office of The Cleveland Trust Co. Cleveland,~. said bonds so authorized <br /> to be issued shall be d~ted day of sale, shall be signed and sold by <br /> said officers as provided by law andthe proceeds thereof shall be <br /> applied to the payment of the ¢os~ and expense of said improvement as <br /> aforesaid, and to no other purpose whatsoever. The full faith, credit <br /> and revenues of the City ef LakeWood, Ohio, are hereby pledged to the <br /> payment of said bonds and the ~nterest thereom. If within the time <br /> above specified and before the sale of said bonds, any of the owners <br /> of said property shall pay their total assessment'in cash, the aggre- <br /> gate sum in bonds to be issued shall be reduced by deducting the amount <br /> so p~id in cash from the to~al amount of the fund to be provided and <br /> the ~ondm issued shall be s~Ve~ally reduced in amount proportionately. <br /> <br /> Section 6: That upon the sal~ ~f said bonds the proceeds thereof to- <br /> gether-with moneys received from e~ch paymen% of said assessments shall <br /> be placed in the City Treasury and disbursed upon ~oper vouchers in <br /> payment of the cost and expense of the improvement aforesmid. <br /> <br /> Section 7: That said annualypayments of said assessments snd all por- <br /> tions thereof, shall be appIied in the payment of said bonds and the <br /> interest thereon, as the~same shall become due and to ho other purpose <br /> whatsoever. <br /> <br />~Section 8: That for the purpose of providing funds in an amount <br /> sufficient to pay the principal and interest on said bonds, and to <br /> provide the Sinking, Fund for the final redemption of such portion of <br /> said bonds and interest as shall not be p~id by the assessment afore- <br /> said, there shall be and is hereby levied upon all the real and per- <br /> sonal property in the City of Lakewood. Ohzo, a direct annual ~ax in <br /> addition t~ all other taxes sufficient for said purposes; and the <br /> amount thereof shall Be ascertained levied and certified by the proper <br /> tax authorities of said City annually, and shall be collected as other <br /> taxes are collected. <br /> <br />Section 9: This ordinance shall be in full force and effect from and <br />after its adoption, legal publication and the earliest period allowed <br />by law. <br /> <br />Adopted: <br /> <br />Apr~l 3, 19~2 <br /> <br />Approved: <br /> <br />Hill <br /> Mayor <br /> <br />L. A. Hildie <br /> P~esident <br /> <br />A. O. Guild <br /> Clerk'' <br /> <br /> <br />