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2 <br /> <br /> shall be payable each year thereafter with interes~ thereon at the <br /> rate of o per centum per annum~ payable semi-annually on April i ~nc <br /> October i each year, until all of the said bonds have been duly paid <br /> and retired, and shall be payableL botch p~ucipal and in~eres~ at th~ <br /> office of The Cleveland TrusC Co. Clevela~,u. Said bonds so authorized <br /> to be issued shall be d~,ted day of s~le, shall be signed and sold by <br /> said officers as provided by law andthe proceeds thereof shall be <br /> applied ~o the paymenZ of the cosz and~expense of sa~d 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 ~o the <br /> payment of said bonds and the interes~ thereom~ If within %he time <br /> above specified and before the sale of said bonds, ~ny ,of the.owners <br /> of said property shall pay their total assessment in cash.' the aggre- <br /> gate sum in bo~ds to be issued shall be reduced by deducting the amoun'c <br /> so paid in cash from the ~otal amount of the fund~to~ be provided and <br /> the bondm issued shall be severally reduced ~n amount proportionately, <br /> <br />Section 6: That upon the sale of said bonds the proceeds thereof to- <br />gether wi~h moneys received from emch payment o~f said assessments shall <br />be placed in the City Treasury and disbursed upon~oper vouchers in <br />~ayment of the cos~ a~d expense of the ~mprovement~aforesaid. <br /> <br />Section 7: That said annualypayments of said assessments snd 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 />whatsoever. <br /> <br />Section 8: That for the purpose of providing funds in an amount <br />sufficient to pay the prlncipal and interest oneaid bonds, and ~o <br />provide the Sinking Fund'for the final redemption of such portion of <br />said bonds and interes~ as shall not be paid by the assessx~enz afore-, <br />said, there shall be and ~s hereby levied upon all the real and per- <br />sonal property in the City of Lakewood, Ohio, a direct annuzl max in <br />addition =a all other taxes sufficzen~ for said purposes; and the <br />amoun~ 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 collectsd. ~ <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 />Approved: <br /> <br />L. A. Hildie <br /> President <br /> <br />AL.O1.GNiI~ <br /> <br />c'!erk ~ <br /> <br />Nay6~ <br /> <br /> <br />