1836 - 22 Levy & assess special tax to improve Niagra Dr

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shall be payable each year thereafter with interesm thereon at the rate of 6 per centum per annum, payable semi-annually on April i an~ October i each year, until all of the said bonds have been duly paid and retired, and shall be payable, beth principal and interest at the office of The Cleveland~Trust Co.,Cleveland ~ Said bonds so authorize5 to be issued shall be dated day of sale, shall be slgned~and sold by said officers as provided by law andthe proceeds thereof shall be applied ~o the payment of the cos~ and expense of said mmprovement as aforesaid, and to no other purpose whatsoever. The full faith, credit and revenues of the City of Lakewood, Ohio, are hereby pledged to the payment of said bonds and the interest thereomo If within the time above specified and before the sale of said bonds, any of the owners of said property shall pay their total assessment'in cash, the aggre- gate sum in bonds to be i~sued shall be Seduced by deducting the amount -so paid in cash from the total'amount of the fund to be provided and the ~ondm issued shall be severatiy reduced in amount proportionately. -Section 6: That upon the sa~e of sa~d bonds the proceeds thereof to- gether with moneys received from e~ch payment of said assessments shall be placed in the City Treasury and disbursed upon;roper vouchers in payment of the cost and expense of the improvement a~oresaid. Section 7: That sa~d annualypayments of said assessments and all por- tions thereof, shall be applied in the payment of said bends and the interest thereon, as the~same shall become due and te ho other purpose whatsoever. Section 8: That for the purpose of ~roviding funds in an amount sufficient to pay the principal and interest on said bonds, and to provide the Sinking Fund for the final redemption of such portion of said bonds and interes~ as shall not be paid by the assessment afore- said, there shall be and is hereby levied upon all the real and per- sonal property in the City of Lakewood, Ohmo, a direct annual tax ~n addition ta all other taxes sufficient for said purposes; and the amoun~ thereof shall be ascertained levied and certified by the proper tax authorities of said City annually, ~nd shall be collected as other taxes are collected. section 9: This ordinance shall be in full force and effect from and after its adoption, legal publication and the earliest period allowed by law. Adopted: ApProved: L.,, A. Hildie President Clerk