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I <br /> 2 <br /> shall be payable each year thereafter With interest thereon at the~ <br /> rate of ~ per centu~ per annt~m, payable semi-annually on April 1 <br /> October 1 each year, until all of the said bonds have been duly paid <br /> and retired~ and sh?l~l, be pa~a~e. ~t~ principal and interest at the <br /> office ofDire~tor oz ~n~nce,cx~y oz La~ewo~d0Said bonds so authoriz~ <br /> to be issued shall b'e d~ted day of sale. shall be signed and sold by <br /> said 'officers as provzded by law andthe proceeds thereof shall be <br /> applied to the payment of the cost and expense of said zmprovement 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 tzme <br /> a~ove specified and before the s@le Of said bonds, any-Qf the owners <br /> of said property shall pay their toSal assessment in cash, the aggre- <br /> gate sum in bonds to be issued shall be reduced.by deducting the amount <br /> so p~id in Cash from the total amount of the fund to be provided-and <br /> the bondm issued shall be severally reduced in amount pro~portionately. <br /> Section 6: That upon the sale of said bonds th~-pr~ceeds: thereof to- <br /> gether with moneys received from each payment of said assessments shall <br /> be piaced in the City Treasury and disbursed upon l~oper vouchers in <br /> payment of the cost and expense of the ~mprovement aforesaid. <br /> <br />Section 7: That said annualypayments ~f~said assessments and all por~ <br />tions thereof, shall be applied in the payment 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 fund~ in an amount <br />sufficient to pay the principal and interest on sa~d 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 />sazd, 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 in <br />addition t~ all other taxes sufficient for said purposes; and the <br />amount thereof shall be ascertazned 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 a~d effect from-and <br />byafter law. its adoption, legal publication and th~ earliest period allowed <br /> <br />Adopted: <br /> <br />~May 1, 1922 <br /> <br />ApProved: <br /> <br />Hill <br /> Mayo~ <br /> <br />L. A. Hildie <br /> President <br /> <br />A. 0. Guild <br /> <br />Clerk - <br /> <br /> <br />