2394 - 25 Issue bonds to improve Daleview Dr

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ORDINANCE. NO . AI~ ORDINANCE 'authorizing the Mayor and ~irector of Fin~ce to ~ssue bonds ~n the ~ of ~ $eVe~ ~11~ '($~47,~ ) Dollars to provide'~ fund for the p~ymen~ of the pqr~ion of the cost ~d expense for which t~e speci~ assessment has h~etofore been levied for the ~provemen= of ~ IT O~AI~ by the Council of tMCity of L~ev;ood, County of Cuyahoga and State of Ohio, t~'ee-fourths of ~l members concurring: Section l: That ~o provide a fund"for the pa~ent of the portion off the cost and expense for w~ich the special assessment has here- tofore been levied for said imorovement ~e Mayor Finale be and they are he~eby"'authorized to issue ~ bonds off the City of Lakewood, Ohio, in the aggregate Which maturities are hereby determined to be in .$uSs~tially equal annual amounts, with interest ~hereo~ &t the' rat~ of ~ per centUm per annum, payable semi-annually on April let and October 1st each year until all of the said bonds have been duly .pai~l ~and re'tired~, ahd shall be pay.able,both principal and interest,~ at the offi'~e of the Director of.Finance off the City of ~ ~n,ds so authorized to be~issued shall' qJe dated ][$ ' and shall be signed ~hd sold by said officers as. provided by Iaw, and ~l~e proceeds t~reof, except premiv~, accrued-interest ~d the mn~unt 'n~a~y for itt'crest until the first half of the taxes for the year'~'~ are available; shall be applied to the payment of the cost and expense of said improvement as s~fores'~id, and'to no other purpose whatsoever.. ~he full 'faith. credit ~nd revenues of the City cf Lat~ewood, Ohio, are hereby pledged to the payment of said bonds and the interest 'thereon, If before 'the saIe of said bonds any of 'the owners of s~fid property sh~ll pay their total assessment in cash the aggregate sum .in bonds to be issued shaI1 b~ r~duced by deduct'lng the amount so paid in cash fr~m the total amount of the T~nd ~0 be p~cvid~ed, ar~i t~e bonds issued shalI be reduced in amount or denomination, or bo '.t~', so as to provide for a substantially equal amount maturtnE each year. Sect/on 2: Tha~ said smnual payments of said assessments and .~1I 'por- tions thereof and all i~terest tt~ere6n shall b~ applied to the paymen~ of said bond.4 and t~ i~terest thereon as the same shall become due, and to no other purpose whatsoever. section 3: That for t~e purpose of providing funds in an amdunt ~ufficient te pay the %nte~es~ ou saiJ ~erial bonds and to p~vide .a fun~ for ~he fihal Tedemp~ion of said' bonds, there shail Be -i~..hereby levied upon all the real and personal, property in the