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2 <br /> <br />shall be ~ayable each year thereafter with interest thereon at the <br />rate of ~ per centum per annum, payable semi-annually on April t and <br />October 1 each year, until all of~the said bonds have been duly paid <br />and retired, and sheik, be payabl'e, both principal and interest at the <br />office of Director of F~nance,Clty of La~ewoo~ Said bonds so authorizo~, <br />to be ~ssued shall be dated day of sale, shall be signed and sold by <br />said 9fficers as provided by law andthe prooeeds thereof shall be <br />applied to the payment of the cosz and expense of said improvement as <br />aforesaid, and to no ~ther purpose whatsoever. The full'faith, credi. <br />and revenues of the City of Lakewood, Ohio, are h~reby pledged to the <br />payment of said bonds and the interest thereo~. If within, the time <br />above specified and before the sale of said bonds, any of the owners <br />of.said p~op~rty sDall p~y their total asssssment'in cash, the aggre- <br />gate-sum ~n oonds %e be issued shall be r~duced bY deducting the amoun% <br />so paid in cash ~rom the total amount of the' fund to be provided and <br />the honda issued shall.be,.~everally reduced in amount proportionately. <br /> <br />Section 6: That upon the ~ale of said bonds the proceeds thereof to- <br />gether with moneys received from e~ch paymen~ of said assessments sba) <br />be piaced in the City Treasury and disbursed upon~oper vouchers, in <br />~ayment of the cost and expense of the ~mprovement afDresa2d. <br /> <br />Section 7: That said annual, payments of said assessments end all <br />tions thereof, shall be applied in the payment of said bonds and th~ <br />interest thereon, as the ~ame shall become due and to ho other purpose <br />whatsoe~er. <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 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 in the City of Lakewood, Ohio, a direct annual tax in <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 collebted 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 publiOation and the earliest period allowed <br />by law. ' <br /> <br />Adopted:, <br /> <br />Approved: <br /> <br />.. ~uty 3, 1922 <br /> <br />L. E, Hill <br /> <br />May6r~ <br /> <br />L. A. Hildie <br /> "~ ~ PreSident <br /> <br />A. O. Guild <br /> Clerk <br /> <br /> <br />