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shall ~be payable each year thereafter~with interest thereon at the <br /> rate of ~½ Der. centmm per annum, payable semi-annually on April i an~ <br /> October 1. e~ch year, until all of the said bonds have been duly paid <br /> and reti.red, and shall <br /> h'e payable,.both principal and interest at thc <br />c~f£ce 8f The Cleveland Trust Co.Cleveland,Q. Said bonds so authoriz¢5 <br />to be-issued shall be dated 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'~ayment Sf~the cost and exp~nse of said improvement as <br />afore~aid~, and to no other purpose whatsoever. The full faith, credit <br />and revenues of the City ~f Lakewood, Ohio, are, hereby pledged to the <br />paymen~ of sa~ bonds and the interest tEereo'~z. Xf within the time <br />abo~e spec.i~ed and before the sale of said bonds, any of. the owners <br />of sa~d propert~ shall pay their total assessment'in cash, the aggre- <br />sg~oteS~n in'bcn~s to be issued shall be reduced by deductihg the amount <br /> paSd:':in cash from the total amount of the fund;to be provided and <br />the honda, issued shall be severally reduced in amount proportionately. <br /> Section 61:' That upon the sale of said. bonds the proceeds thereof to.-.. <br />gether With'moneys received from esch payment of s~id assessments shall <br />Be placed in the City Treasury and disbursed upon pffOper vouchers in <br />payment of the cost and expense of the improvement aforesaid. <br /> <br />SeCtion 7: That saidannualypayments.of said assessments and all per- <br />tiona thereof, shall be applied in the payment of sai~ bonds and the <br />interest thereon, as the ~ame shall become ,due ,and to ho ~ther purpose <br />whatsoever. <br /> <br />Section ~': That for the purpose of providing funds ~n an amount <br />sufficient to pay the principal and interest on said bonds, and to <br />provide the Sinkin~ Fund for the final redemDti~n of ~uch portion ~f <br />Said bonds and interest as shall not be paid by, the as.sessmenz afore-, <br />said, there shall be and is hereby levied upon all the real and per- <br />sonal property in the City of Lakewood, Qhio, a direct annual tax in <br />addition ts all other taxes sufficient f~r Said purposes; and the <br />amount thereof shall be ascertained levied~a~d certi.$i'ed 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 shal.1 be in full force and effect from and <br />byafter law. its adoption, ~ega.l~-publication. and the earlies~ period allowed <br /> <br />Adopted: <br /> <br />AorA~l ~, 192.2 <br /> <br />ApProved: <br /> <br />L. A. Hildie <br />..... ,~ ~ President <br /> <br />A~ O. Guild <br /> Clerk <br /> <br /> <br />