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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 an~ <br />October i each year, until all of'the said bonds have been duly paid <br />and retired, and shall be payabl~ both principal and interest at th~ <br />office of The Cleveland TrustCc. Cleveland, O~ ~aid bonds so authorize5 <br />to be issued shall be dated day of sale, ~shalI be signed and sold by <br />sold officers as provided by law andthe proceeds thereof sH~ll b~ <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 thereom~ ~f within the time <br />above specified and before the ssle of said bo~de, 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 /> paid in cash from the total amount ~of the fund tO be provided and <br /> the bondm issued shall be severally reduced in amount proportionately. <br /> <br />Eection 6: T~at upon the sale of said bonds the proceeds thereof to- <br />gether with moneys received from e~ch payment of said assessments shall <br />be placed in the ,City Treasury and disbursed upon~roper vouchers in <br />payment of the cost and expense of the mmprovement a~ores~id. <br /> <br />Section 7: ~hat said annualypayments of said assessments end all por- <br />tions thereof, shall be applied in the payment of said bonds and the <br />interest thereon, as the~ame shall become due and to ho other purpose <br />wha%soevero <br /> <br />Section 8: That for the purpose of providing, funds in an amount <br />:ii!~ufficient to pay the principal and interest on said bonds, and to <br /> '~Provide the Sinki~ Fund for the final redemption of such portion of <br /> ~ said bonds and interest, as shall'not be paid by the assessm&nt afore- <br /> said, there shall be and is hereby levied upon all the real and per- <br /> ~onal property in the City of Lakewood. Ohio, a direct annual tax ~n <br /> addition ta 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 />. April ~ 1922. <br /> <br />Approved: <br /> <br />l-T') 1 1 <br /> <br />Mayor: .... <br /> <br />L. A. Hildie <br /> ..... President <br /> <br />A. O. Guild <br /> <br />''Clerk <br /> <br /> <br />