1887 - 22 Levy & assess special tax to improve Lanning Ave

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~hall be payable each year thereafter with interes~ thereon at the rate of ~ per centum per annum, payable semi-annually on April i and October i each year, unti! all of the said bonds have been duly paid and retired, and shall be payable, both principal and interest at th~ office ofDirector of Fin~mce,City of Lakewood. Said bonds sc authorizou to be issued shall be dated day of sale, shall be s~gned and sold by said officers as provided by law andthe proceeds thereof shall be applied to the payment of the cost and expense of said improvement as aforesaid, and to no ott~er purpose whatsoever, The full faith, credi'~ and revenues of the City of Lakewood, Ohio. are hereby pledged to the payment of said bends and the interest thereom. If withzn the time above specified and before the sale of sa~d bonds, any of the owners of said property shall pay their total asssssment'in cash. the aggre- gate sum in bonds to be issued shall ba reduced by deductin~ the amount so paid i~ cash from the total amount of th~ fund to be ~rovided and the bond~ issued shall be severally reduced in amount proportionately, Section 6: That upon the sale of said bonds the proceeds thereof ~t~c~,~t~ mgm,eYe ~eceived from esch payment of said assessments sha] P In ~ne City Treasury and disbursed upon~oper vouchers in payment of the cost and expense of the improvement aforesaid~. Section 7: That said annual, payments 'of said assessments end all pot~ tlons thereof, shall be applied in the payment of said bonds and the interest thereon, as the same shall become due and to ho other purpose whatsoever. Section 8: That for the purpose of providing funds in an amount sufficient to pay the principal and interest on sa~d bonds, and to provide the Sinkin~ Fund for the final redemption of such portion of said bonds and interest as shall not be paid by the assessmen~ afore- said, there shall be and is hereby levied upon all the real and per- sonal property in the City of Lakewood, Ohio, a direct annual tax in addition ts all other taxes sufficient for said purposes; and the amount thereof shall be ascertained levied and certified by the proper tax authorities of seid City annually, and shall be collected as other taxes are collected. Section 9: This ordinance shall be in full force and effect from and aft.er its adoption, legal publication and the earliest period allowed by law. Adopted: Approved: L. E. Hill MaYOr . L..A. Hildi~ President 'Ol~rk"