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2 J <br /> <br />~hall be payable each yea~ thereafter with interes~ thereon at ~he <br />rate of ~-~per centum per.annum,~ payable semi-annually on April 1 and <br />October i each year, until all ef the said bonds have been duly paid <br />and retired, and sha~l be payable, both principal and interest at th~ <br />office of Director of ~in~nce,City of La~kewood. Said bonds se authorizo~ <br />mo be issued shall be dated day of s~le, shall be signed and sold by <br />said effisere as provided by ~aw andthe proceeds thereof ehal~ Ye <br />applied to the payment of the cos~ and expense ef said improvement as <br />aforesaid, and to no other purpose wh&tso~ver~ The full faith, credi <br />and revenues of the City of Lakewood, Ohio, are hereby pledged to the <br />payment of said bonds and the interest thereo~ ~f w~thin the time <br />above specified and before the ssle of sa~d bonds, any of the owners <br />of.said property shall pay their total assessment"i~ cash,' the aggre- <br />game sum in bonds to Be issued shall be reduced by deducting the amount <br />so paid in cash from the total amount of the fund to be provided and <br />the ~onds issued sh~ll be severally reduced in amount proportionately~ <br /> <br />Section 6; Tha~ upon the sale of said bonds the proceeds ~hereof tO~ <br />gether with moneys reOeived from e~ch payment of said assessments sha] <br />be.placed in the City Treasury and disbursed upon ~oper vouchers in <br />payment of the cost and expense of the improvemen~ afo~said~ <br /> <br />Section 7: That said ann~al.'payments of said assessments ~hd all por- <br />tions thereof, shall be applied in the' payment of said bo~ds and the <br />interest thereon, as the ~ame shall become due and to ho other purpos~ <br />whatsoever~ <br /> <br />~ect~on 8: That for the purpose of p~oviding funds in an amount <br />sufficient to pay the principal and interest on said bonds, and to <br />provide the Sinkin~ Fund for the final redemption of such portion mf <br />said bonds and interes~ as shall not be paid by the assessment afore- <br />said, there shall be and is hereby levied upon all the real and per- <br />sonal proper~y in the City of Lakewood, Ohio, a direct annual ~ax in <br />addition tm all other taxes sufficienm 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 collected as other <br />taxes are collected: <br /> <br />Section ~: This ordinance shall b~ in full force a~d effect from and <br />after its adoption, legal publication and the earliest period allowed <br />by law. <br /> <br />Adopted: <br /> <br />July B,.1~22 <br /> <br />Approved: <br /> <br />L. E. Hill <br /> <br />MaYOr <br /> <br />PreSident <br /> <br /> <br />