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shall be payable each year thereafter with interest thereon am the <br /> rate of 5½ per centum per annum, payable semi-annually on April 1 a.n~ <br /> October i each year, until all of the said bonds have been duly paid <br /> and retired, and shall be payable, beth principal and interest at the <br /> offics o~Directorof Finance,City of Lakewoo~ OSaid bonds so authorizee <br /> ~o be ~ssued 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 payment of the cost and expense of said ~mprovement 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 s~le of said bonds, any of the owners <br /> of said property shall pay their total assessment'in cash, the aggre- <br /> gate sum in bonds to be issued Shall be ~educed by deducting the amount <br /> so paid in cash from the total amount of the fund to be provided and <br /> the bondm issued shall be ~everally reduced in amount proportionately, <br /> <br />Section 6: T~at upon the sale of said bonds 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~oDer vouchers in <br />~ayment of the cost and expense Of the ~mprovem~nt aforesaid. <br /> <br />Section 7: That said annualypayments of said assessments snd all per- <br />,ions thereof, shall be applied in the Rayment of said bonds and the <br />interest thereon, as the~same 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 principal and interest on said bonds, and to <br />pro~ids the Sinking, Fund for the final redemption of such portion of <br />said bonds and interes~ as shall not be paid by the assessment afore-. <br />said, ther~ shall be and ~s hereby lev~ed upon all the real and per- <br />sonal property ~n ths City of Lakewood, Ohio, a direc~ annual tax in <br />addition tm 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 ssid City annually, ~nd 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 />April I?~ i922 <br /> <br />Approved: <br /> <br />L. E_ Ntll <br /> <br />L. A. Hlldie <br /> president <br /> <br />A. O, Guild <br /> Clerk <br /> <br /> <br />