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- 2 <br /> <br />ra%e of 6 per centum per annum, payable semi-annually on April i and <br />October i each year, until all of the said bonds have been duly paid <br />and retired, and sha~ be payable, bot'h ~rincipal and interest a% tha <br />office O~ireotor of ~lnmuoe,Oity of Lakewood. Said bonds so authorize~ <br />to be issued shall be dated Qc~.*~,~2~,shall be s~gned and sold by <br />said officers as provided by law andthe proceeds thereof shall be <br />applied ~o the payment of the cos~ and expense of .said ~mprovemen~ 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 to the <br />payment of said bond~ 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 property shall pay their total asslssment'in cash, the aggre- <br />gate sum in bonds to be issued shall be reduced by deducting the amoun~ <br />so paid in cash from the total amount of the fund to be provided and <br />the bond~ issued shal~ be severally reduced in amount proportionately. <br /> <br />Section 6~ That upon the sale of said bonds the proceeds thereof to- <br />gether with moneys received from e~ch payment of said assessments sha) <br />be placed in the City Treasury and disbursed upon~oper vouchers in <br />~ayment of the cost and expense of the improvement aforesaid. <br /> <br />Section 7: That said annual.'payments of said assessments and all por- <br />tions thereof, shall be a~plied 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 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 zn the City of Lakewood, Ohio, 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 other <br />taxes are collected. <br /> <br />Section $: 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 />.~l~ Z?, 1922 <br /> <br />Approved: <br /> <br />M~yOr"' <br /> <br />L. A. Hildie <br /> President <br /> <br />A. O. G~ild <br /> .... Ci'erk <br /> <br /> <br />