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shall be payable each year thereafter with interest thereon at the <br /> rate of 5~ per centum per annum, payable semi-annually on April 1 aha <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 lnterest a% thc <br /> office ofDirector CFinance,City of Lak~9ood.O Said bonds so authorize0 <br /> to be issued shall be dated day of sale, shall be signed and sold by <br /> said officers as provided by law andthe proceeds thereof sha]l 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~. If within the time <br /> above specified and before the s~le of said bonds, any of the owners. <br /> of said p~operty shall ply their total assessment'in cash, the ag're <br /> gate sum in bonds to be issued s~all be reduced by deducting the ~mountso <br /> Paid in cash from the total amount of the fund %o be provided and <br /> the honda issued shall be severaXly reduced in amomnt proportionately, <br /> <br />Section 6: That 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~r~per vouchers in <br />· payment of the cos% and expense %f 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 />i~terest thereon, as the3~ame shall become due and %o 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 ~nd interest on said bonds, and to <br />provide the Sinking, Fund for the final redemption of such port~on of <br />said bonds and interest as shall not be paid by the assessmenz 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 ta 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 ~ollected 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 />~Anril 17, 1922 <br /> <br />,, T,. w_ Hill <br /> ~ayor <br /> <br />.... L. A. Hildie <br /> president <br /> <br />A. O.,~uild <br /> <br />C1 erk ~ <br /> <br /> <br />