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shall be payable each year thereafter with interest thereon at the <br />ra~e of ~ per centum per annum, payable semi-annually on April i a~ <br />October I each year~ until all of the said bonds have been duly pa~d <br />and retired, and shall be payable, both principal and interest at th~ <br />office of Dlrector of Finance,City of~akewoo~oSaid bonds so authoriz~o <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 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~. If within the time <br />above,specified and before the ssle of samd 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 reduced by deducting the amount <br />so paid in cash from the total amoun~ of the fund to be provided and <br />the honda issued shall be severally reduced in amount proportionately. <br /> <br />S~ction 6: That upon the sale of samd bonds the proceeds thereof to- <br />gether with moneys received from each payment of said assessments shall <br />-be placed in the City Treasury and disbursed upon~oper vouchers in <br />payment of the cos~ and expense of the improvement aforesaid. <br /> <br />Section ?: That said annualypayments of said assessments and all por- <br />tions thereof, shall be applied in the payment of said bonds and the <br />interest thereon, as the3~ame shall become dueand 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 />provide 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, there shall be and ms hereby levied upon all the real and per- <br />sonal property ~n the City of Lakewood, Ohio, a direct annual tax in <br />addition ta all other ~axes sufficlent for said purposes; and the <br />amounz thereof shall be ascertained levied and certified by the proper <br />tax authorities of said 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 />b~ law. <br /> <br />Adopted: <br /> <br />Ms~y 1,, 1922 <br /> <br />Approved: <br /> <br />L~ E.Hill <br /> <br />MayOr <br /> <br />L. A. Hildie <br /> President <br /> <br />A. O. Guild <br /> ''' C'ierk <br /> <br /> <br />