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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 1 <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 th~ <br /> office of The Cleveland TrustCo. Cleveland,O.. Said bonds so authorizes <br /> to be issued shall be dm ted day of sale. ~hall be signed and sold by <br /> said officers as provided by law andthe proceeds thereof shall be <br /> applied to the payment of the cos~ 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~. If within the time <br /> above specified and before the ssle of said bonds, any of the owners <br /> Of said property shall pay their total asses~sment:in cash ~the aggre- <br /> gate sum in bonds to be issued shall be r~duced by deducting the amounzso <br /> paid in cash from the total amoun~ of the fund to be provided and <br /> the bond~ issued shall be severally reduced in amount p~oportionately. <br /> <br />Section 6: That upon the sale of said bond~ the proceeds thereo£ to-" <br />gether with moneys received from esch payment of said assessments shalI <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 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 />whatsoever. <br /> <br />SectiOn 8: That for the purpose of providing '~unde. 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 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 annual tax 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 />byafter law. its adoption, legal publication a.nd 2he earliest period allowed <br /> <br />Adopted: <br /> <br />Approved: <br /> <br />L® <br /> <br />E. Hill <br /> <br />Mayor <br /> <br />Le <br /> <br />A. Hildie <br /> President <br /> <br />A. O. Guild <br /> Clerk <br /> <br /> <br />