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<br />Section 5: That roZ' the purpose of prpviding the neèesSa:ryfunds
<br />to pay the interest on the foregpi~g issue pf bpnds promptly when
<br />and as the same falls due and also to prpvide a fund sufficient to
<br />discharge the said serial þpnds at maturity, there shall be and is
<br />hereby levied on all the taxable pro~ertYln said City of Lakewood,
<br />In addition to all other ta~es;a direct tax annually during the
<br />perfpd said bonds are to run 'in an amount sufficient to provide funds
<br />to pay interest upon sald bonds as and , when the same tallsdue and
<br />.a1e.òtQProvlde a fund .1'01' t11e dlsC11/lrgepr .the prindpal of said
<br />serlal 'bon!is at maturity. which ta:¡t'shall Ìle;tnêJ,t;> leas than the
<br />interest BI),d s1nklng tund tax required by Section 11, of Article·
<br />Xll .of the Constitution.. /,. ,.. /
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<br />Saidt,J shall beiØ.nd 1s herøby ordered. com¡:¡uted, certified, levleèi
<br />and extended upon the tax dupllcate and collected 'by the same
<br />ofticers in tbEl Same manner and at t11e samet1me taxes fOr general
<br />purposes for each Of said years arecert1tie4, extènded and collected.
<br />Said taxes shall be placed before t!.ndin preterence todl ot11er
<br />items and tor the full amoun.t thereof. The funds derived from said
<br />tax leVy hereby required sb!lll1 be placed in a separate and d1etinct
<br />fund which, together wlthal1 interest collected on the same, ehall
<br />be irrevocably pledged tor the payment of .interest and princlpal of
<br />liIaid bonds when a.nd as the sllJlle 1'alls c1ue.<ow .,
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<br />8eétion '6: . '!'hat Baid bonds 'shall be 1'irst offered at 'par ànd acc:rued
<br />interest to the Sfnking Fund Commission in their otficlal capacity,
<br />and if said Cómm1asion refuses to take any or a).lof said bonds,
<br />then·satc1bonds not so taken shall be I¡)ffered at par and accrued intere
<br />to the Board of Commlssioners of the Sinking Fund of the City School
<br />D1striçt of the City of Lakewood, and if said' Commissioners refuse
<br />to take any or all of said bonds then saldbonds not so taken shall
<br />be offered at par and aècrued interest to" the Indus trl a1 Commlss10n
<br />of Ohio, and If.said Industrial Commiss:ton of 011io refuses to take
<br />any or all of sald bonds, then said bonds not so taken shall be ad-
<br />'lTertlsed for pu'b11c s!l-le and sold in... the !]f.. anner p:rovided by law unde.. l'
<br />the direction of the Mayor and. the. D1rectér of ,Finance, but not for.
<br />less than their par value and accrued Interestf tbe proceeds from .
<br />the sale of sa:tdbonds except the premium and /lcc:rued Interest therecn,
<br />and the amount of ,sAId bonds i$sued for intèrest shall be used for
<br />the purposes aforesaid and for no other pÜ1'Pose; the premium and
<br />_ccrued interest recelved from said sale and amount or sa!d bonds
<br />issued for interest, shall 'be transferred to the S!nklng FUnd Com-
<br />mission to beappl!ed by them in payment of the principal and inter-
<br />est of sald bonds in the manner provided by law.
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<br />Section '7; The Jlret~or ot'Fine,nce ~s"'-h~~ebY 4:t;~~ted to forward a
<br />certlfied copy of thléordinancè to the C9unty'~uditor as required
<br />by Sect!on 5649..lbof the (}eneral CoC!.e",,,,<..->·<" .
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<br />That. thls ordlnance lsde~lared to be .n emergency measure
<br />forthwith and at the earliest perlOdållowed by law.
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<br />Section 8
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<br />Adopted: Februa 19th, 01.923
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<br />Approved: L. E. Rill
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