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~ohall be payable each year thereafter with~interest thereon at t~e~ <br />rake of ~ per centum per annum, payable semi-annually on April i and <br />~ctober i each year, until all of the said bonds have been duly paid <br />and retired, and shall be payable, both principal and interest at th~ <br />office of Director of Finance,City of Lake~ood. Said bonds so authorizc~ <br />to be issued shall be dated day~of sale, shall be si~ed and sold by <br />said efficer~ 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, a~d to no other purpose whatsoever. The f~ll faith, credi~ <br />and revenues of the City of Lakewood, Chic, are hereby pledged to the <br />payment of said bonds and the interest thereom~ If within the time <br />above specified and before the sal'e of said bonds, any cf the owners <br />or, said p~op~r~y shall pay their total assessment~in c~sh, the aggre~ <br />game sum ~n ~onds to be issued shall be reduced by deducting the amoun~ <br />mc paid in cash from the total amount of the fund tO be provided and <br />the bondm issued shall be severally reduced in amount proportionately. <br /> <br /> Bection 6: T~at upon the sale of said bonds the proceeds thereof <br /> ~t~ w~t~ m~eys ~ec~ived from e~ch payment of said assessments sh~] <br /> = pAmce~ ~n the City Treasury and disbursed'upon ~oper vouchers in <br /> payment of the cost and expense of the improvement aforesaid.' <br /> <br />Section 7: That said annual, payments of said assessments and all <br />tions thereof, shall be applied in the payment of said bonds and the <br />interest thereon, as the-~ame shall become due and to ho other purpose <br />whatsoever. <br /> <br />Seczicn 8: That for the purpose of providing funds in an amount <br />sufficient to pay the principal and interest on sai~ bonds, and to <br />~rovide the Sinking~ Fund for the final redemption of such portion of <br />"s~ld'bonds and interest 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 property ~n the City of Lakewood, Ohio, a direct annual tax zn <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 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 />by law. <br /> <br />Adopted: <br /> <br />~uly ~, 1~22 <br /> <br />Approved: <br /> <br />L. A. Hildi~ ' ~ <br /> PreSident <br /> <br />Clerk <br /> <br /> <br />