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shall be payable each year thereafter with interest thereon at the <br /> rate of ~ per centum per annum, payable semi-annually mn, 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 Trust Co.Cleveland,O. Said bonds so authorized~ <br /> to be issued shall be dated day of sale, shall be signed and sold by <br /> said office~s as provided by law andthe proceeds thereof shall be <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 thereo~z. If within the time <br /> above spacified and before the ssle of said bonds any of the owners <br /> of said <br /> property shall pay their total asssssment'in cash, the aggre- <br />gatesc paid sum in in bon~s to be issued shall, be reduced by deducting the amounz <br /> 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 />S~ction 6: That upon the sale of said bond~ the proceeds thereof to- <br />gether With moneys received from esch payment of said assessments shall <br />be placed in the City Treasury and disbursed upon ~oper vouchers in <br />~ayment of the cost and expense of the improvement aforesaid. <br />Section 7: Tha~ said annualypayments of said assessments snd all por- <br />tions thereof, shall be appl'ied 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 ~: That f~r the purpose of providing funds 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 is hereby levied upon all the real and per- <br />sonal property in the City of Lakewood, Ohio, a direct annual tax ~n <br />addition t~ all other taxes suffisient for said purposes; and 2he <br />amount thereof shall be ascertained levied and certified by the proper <br />tax authorities of ssid 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 />Approved: <br /> <br />April ~. 1922 <br /> <br />May o r <br /> <br />president <br /> <br />A. O. Guild <br /> Clerk <br /> <br /> <br />