2369 - 25 Issue bonds to improve Emily Ave

Home Browse Search

ORDINANCE NO ~ By A~ 0t~DINANCE aUt.h'orizi'ng t~l~r,~dc_D_i~e~.or ~f~ .~in.ance. tO ~, ~e in-the ~,~ ~* ~' ~m~ne H~rea ~a ~ ($-~,00~ Delia, S ~b p~ovide~a 'fund for the pzymen~ of the portion of the cost and.expense fsr which t~e special ~s~~tofor~b'e2~le~ied ~ox t~e ~proyemen~ of eo~ecttonm ~nc~dent~ ~d neoemm~y ~ereto. BE IT 0RDAIk~,D by t~e $ouncil of the City of L~ke~,o~d~ ~ounty of Cuyahoga and State of Ohio, three-fourths of ~ll members concurring: Section t: That to provide"a fund for the'payment Of the portion. offthe cost and expense for which the special assessment has here- tofore been levied for said improvement'the M~yor ~ Director of Finance be and they ar~ hereby authorized tO ~ssue bonds Of the city of Lakewood~ OhiO, in t'he aggregate~um.o~-~L~$2~'00 in the ~ov~u~ ~n~n~n~ ~.~r~ m~turities: ~'e~ ~0nclo (10')of $~,000.00 · a~cl~ 1~ ~T-b~fl~ $20D;~0 earN, and one (~)bondsof $121.00 ~ondNOs, Aggregating Date i and 2 $15121.00 OCtober l~t, and~ 1,200.00 October lat, 1~2~ and ~ 1,200.00 October lst, l~2§ and 8 1,200.00 October let, 1929 9and 10 1,200.00 October let, 11 and 12 1,200.00 October let, 19~1 and 14 1,200.00 Oetol~r 1st, 19~2 . oo.oo october L? and'10-. Z,200o00 ..... October ['st, 19 and20' 1,'200.00 October .1Bt, maturities are hereby determined to be in su$..stA~ntiall-y equ.al Which annual amounts, with .interest' thereon at'thee rate of~" per cent~Lm per annum, payable semi-annually on April let and October let emch year until all of the Said bonds ~ve been duly paid and re.ti~e~, a~d shall be payable,both principal a~ tnteres.t,.- mt~' the office .of the Director of Fin~ce off the City o~ L~, ~ ~onds au~orized to he.issued s~ll ~e dated shall b~ .signed '~ sold ~y ~aid officers as provided .bY i~v, and the pro"ceeds t~reof~ except premix, aocrued.interemt..~d'the ~noUnt ~O~$s~y for int'erest until t~e .Tirs~ ~lE~ o:f ~e t~es for t~'e ~ea~~ ~ are ~vaf*l~e ;' s~ll be applied ~o .the p*~ent of the cost and ~p6hse bf said improvement as aforesaid'; ~ to no' other purpose whatsoever.. The full 'faith~ credit ~nd revenues o~ t~ City o~ Lak~wood, Ohio, ars hereby pledged to th'e payment of s:atd bonds and t~ ihterest 'ther'eo~, If before the saIe of said.bo~S ~ o'f the~ ~ers of s~i~ property sh~'l pay their total ass.segment in' cash tH~ Aggregate s~ in bonds t~o be i~sued-shaI1 ~ r~duced'~ by 'deducting the ~ount s'O paid in Cash. from the tot'~ ~oun~ off the fund ~0 Be provide~, and .t~e bonds issue~ s~ll be reduce~ in' ~ount or de~omi'n~tion, ~r bo~~, so as -to p~ovide for a substantially equal ~o~t matting each ye~* ~ . . - . ., .... Section 2~ That said annual* Da~en~s of said mssessments and al~'por- tio~ thereof and ~all interest' ~he~e~ s~ll be .applied to the p~ment of said b6nd~ and ~*e' i.ntereSt t.hereO~" as the s~e emi become due. and to no o~e*r purpose ~vhatsoever: ~ ~octlon ~: 'That for the purp~se;'off~p~.ovldlng f~nds i~ .... ~'uff.iolen~' ~ pay 'the interes~ on said sSrial bonds *a~ t*o provide ~..-a fun~ for E~ fina~ redemption of said bonds, there 'shall ~ is [~ereby. l~vied u~n all the real and personal property in the Cit~