1849 - 22 Construct sewer & water connection in Brown Road

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- 2 - Section 4; That to provide a fund for the payment of the portion of the cost and expense of s~id connections, for which the special assessment herein is levied, the ~ayor and Director of Finance be and they are hereby authorized to borrow money and ~herefore issue notes of the City of Lake- wood in anticipation o~ the collection of said special assessments in the aggregate sum of $~,480.00. Such notes shall be signed and sealed as municipal bonds are signed and sealed. They shall bear interest at the rate of not to exceed sim per cent (6%) per annum, from the date of issue, payable semi-annually on April and October 1, and shall be payable, one cn the first day of0ctj! 1923 and one every mix months thereafter until all are paid and retired. Said notes shall recite upon choir face that they are issued for the purpose ef installing sever and wa%er connections in Brown Ro~d from Madison Avenue to Fischer Road. All assessments collect- ed for said improvement, and all unexpended balances r~maining in the fund after the most and expenses cf the lmpravement has been paid. shall be appli~ to the payment of the notes and the interest thereon until both are fully paid. $ectien ~: That the full faith, credit and revenues of the City of Lakewood, Ohio are h~reby pledged to the payment of e~id notes and the interest thereon. Xf within t~he time above specified and before the sale of said notes any of the owners of said property shall pay their total assessment in cash. the aggregate sum of notes to be issued shall be reduced by deduct- ing the ~emount es paid in cash from the total amount of the fund to be pro- vided, and the notes issued shall be severally reduced in amount pro- portionately. Section 6: That upon the sale cf said notes ~e preoeed~ thereof together with moneys received from e~sh payments of said assessments, shall be placed ~n the City ~reasury and disbursed upon proper vouchers in payment of the seat and expense of the improvement aforesaid. Section ~: That said annual payments of said assessments and all portions thereof, shall be applied to the payment of said notes and th~ interest thereon, as the sa~e shall become due and to no other purpose wh~tsoever. Section 8~ That for the purpose of providing funds in an amount sufficient to pay the principal and interest on maid notes, and to ~rovide the sink- ing fund for the final redemption of such portion of said notes and in- terest as shall not be paid by the assessment aforesaid, ther~~ shall be and is hereby levied upon all the real and personal property in the City of Lakewood, Ohio a direct annual tax, in addition to ~11 other taxes, sufficient for said purposes, the amount thereof shall be assertained, levied and certified ~y the proper tax authorities of said City, annually, and shall be collected as other taxes a~e collected. Section 9: That an e~ergency exists for the i~sediate preservation cf the public health, property and safety, arising out of the necessity of tho i~nediate construction of said connections and therefore this ordinance shall take effect forthwit~ and at the earliest period allowed by law. Adopted: Approvedl ~ M~Y !. 1922 -- Mayor L. A. Hildie .......... ~resid~ ...... , , A~,~ Guild Clerk