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2 <br /> <br />~hall be payable each year thereafter with in~eres~ thereon a~ the <br />ra~e of ~t~ centum per annum, payable semi-annually on April i and <br />October year, until all of the said bonds have been duly paid1 <br />and retired and shall be payable, both principal and interest at th~ <br />office of Directcr of Finance,City of L~kewood. Said bonds so authorizo~ <br />to be issued shall be dated day of sale, shall be signed and sold by <br />said officers 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, and to no other purpose whatsoever, The full faith, credi, <br />and revenues of the City of Lakewood, Ohio, are hereby pledged ~o the <br />payment of said bonds and the interest thereom. If within"the time <br />above specified and before the sale of said BOnds, any of the owners <br />of saZd property shall pay their total, asssssment'in cash, the aggre- <br />gate sum in bonds to be issued shall be reduced b~ deducting the amounz <br />so paid in cash from the total amount of the fund to be provided and <br />the bondm issued shall be severally red~ced in amount proportionately. <br /> <br />Section 6: That upon the-sale of said bonds the proceeds thereof to- <br />gether with moneys received from esch 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 xmprovement aforesaid, <br /> <br />Section 7: That said annual, payments of said assessments snd alt por- <br />tions thereof, shall be appZied in the payment of said bonds and the <br />interest thereon, as the~ame shall become due and to ho other purpos~ <br />whatsoever. <br /> <br />Section 8: That for the purpose of pro.vid[ng funds in an amount <br />sufficient to pay the prmncipal and interest on said bonds, and to <br />provide the Sinking Fund for the final redemption of such portion o~ <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 mn the City of Lakewood, Ohmo~ a direct annual tax in <br />addition t~ 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 ether <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 />Nul7 17. 1922 <br /> <br />Mayor <br /> <br />L. A. Hildie <br /> President <br /> <br />clerk <br /> <br /> <br />