2393 - 25 Issue bonds to improve Iola Ave

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~.393 ~n. ~a~Lvk ORDINANCE NO,. By AN ORDINANCE authorizing the Mayor and Director 9f Finance to ~e. b~Luds in the sum of ~ ~.0~I~.~.'~ ~ Md ~ $~'~' D$~ '($~,~.~ ) Dollars t0 provide'a fund for the payment of the per,ion of the cost ~d expense f6r which t~e special ~ssessment ~s heretofore been levied for :he improvement of BE IT O_RDAINED b~ the Council of th~City of Ls~ev:ood, Oounty of Cuyahoga and State of Ohio, three-fourths of ail members concurring: Section l: That to provide a fund for the payment of the portion eft'the cost and expense for which the special assessment has here- tofore been levied for said imorov,e_ment the Mayor ~ Director of Finance be and they ~re hereby"'aut~orized to issRe~. ~p.~nds of the Which maturities are hereby de~ermi~ed to.be, in sub. sti~ntially equal annual amounts, with interest thereon at the rate of~ per ce~tmm ~er- annum, payable selni-annual.ly on April 1st and October 1st each year until ali of :he ~aid bonds ~mve Seen duly ~id and retire~.~ add shall be p~yable,both p~ncipmZ~ ~d in:~e~est, at the office of the Director of Fin~ce oF the Oity of ~o_~ ~D~ so authorized to be.issued s~il ~e d~ted~'~'~*~ ~D~. ~ , and shall be signed ~'sold By s~id officers ~s provided by la~v. and the proceeds t~reof, e~cept premix, accrued-%nterest ~d the ~ount 'n~y for int'erest until the ~irst. haif'of t~ t~es for the year-~ are ~vai'l~Ie. shall be appliLed to the p~ent of the cost and ~p~nse of said ~prov. ement as ~fo~es~id. ~d to no other purpose whatsoever.. The full f~ith, credit and re?enues of t~ City of La~ewood. Ohio, are: hereby pledged t6 the p~yment of said bonds and t~ interest 'thereon~ If before the smle of said bonds m~ of the owners of said p:0perty, shrill p~y their total assessment in c~sh the ~ggreg~e S.~.in bonds ~o be issued shaI~ b~r&duced by deducting the ~ou~ so p~id in cash from the tot'~ ~ount of ~e fund :0 Be proMided, and ~e.bonds issued sh~ll be reduced in ~ount or denomi'n~tio~. 9~ both. so ~s t.o provide ~or a substantially equ~l ~ount mat~ i~g Section 2: ~hat s~id mn~ual p~en~s ~f' said assessments and all por- tio~ thereof ~nd ~I1 ~nterest t~ere6n s~.~ll be mppli'ed to the p~men~ of said bon~ and th'e ~nieres't thereon ~s the s~e sh~l become due, and to no- o~er purpose~:vh~t~oe?er .... . ~'~oction S: That for ~e purpose of providing funds in ~n'~ount ~.~ufficient t8 p~y t~e "~'~'res~ '0n ~i~ seri'~l bonds' a~' t'o provide a. fun~ for ~e fln~ Cede~D~,~on of s~za bonds, t-here ~ll Be is hereby levied upon ~il ~e ~eal. and personal pro.petty in the