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2 <br /> <br /> Shall be payable each year thereafter with interest thereon at the <br /> rate of 6 per centum per annum, payable semi-annually On April i and <br /> October 1 each year, until all of the said bonds h~ve been duly paid <br /> and retired, and shall be payable, both principal and interest at thc <br /> office of The CleveJ~nd Trust Co.Clev~lan~,O. Said bonds so authorize~ <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 pr'oceeds thereof shall be <br /> applied to the payment of the cost'and expense Of said improvement as <br /> aforesaid, and to no other purpose whatsoever. The full faith, credit <br /> and revenues of the City of Lakewood, Ohio, are hereby pledged to the <br /> payment of said bonds and the interest thereo~o ~f within the time <br /> above'specified and before the sale of said b~dS, any of the owners <br /> ef said property shall pay their total a~Se~sment ~n cash, the aggre- <br /> gate sum in bonds to be issued shall B~ red~ced by deducting the amoun~ <br /> paid in Cash from the total amount 9f t~e fun~ to be provided and <br /> the bondm issued shal~ be ~everally reduced in amount proportionately. <br /> <br />Section 6: T~at upon'the sale of sa~d~b~nds the proceeds thereof to- <br />gether With moneys received from esoh payment of said assessments shall <br />be placed in the City Treasury and disbursed upon;roper vouchers in <br />~ayment of'the cost and expense of the improvement aforesaid. <br /> <br />Section 7: That said annualypayments of said assessments and all pc~r- <br />tions thereof, shall be applied in the payment of said bonds and the <br />interest thereon, as the ~same sha~l become due and t~ ho other purpose <br />whatsoever. <br /> <br />Section ~: 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 paid by the assessment a~ore- <br />said. there shall be and is hereby levied upon all the real and per- <br />sonal property in the City of Lakewoodo Ohio, a direct annual tax ~n <br />addition t~ all other taxes sufficient for said purposes; and the <br />amounb thereof shall be ascertained levied and certified by the proper <br />tax authorities of said Cit~ 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 />April ~ 19~2, <br /> <br />Approved: <br /> <br />L. E,,Hill <br /> <br />Mayor''' <br /> <br />L. A. Hildie <br /> President <br /> <br />A.O. Guild <br /> Clerk <br /> <br /> <br />