2395 - 25 Issue bonds to improve Eldred Ave

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ORDINANCE N0 ....~ By AN 0ttDINANCE authorizing th~. issue bo~s in the ~ ~ ~ ~ '($ ~,~ DolI~rs to orovide a fund for the Daymen~ of the por~ion of the cost ~d e~ense for which t~e special ~ssessment has h~etofere been levied for the ~prevemen~ of P~E tT 0RDAII~_J) by the C.ouncil of theCity of Lsf~ewo0d. 0.ounty of . Cu~a~oga ~nd' Sta~e of~ Ohio, three-fourths of al~l memb~e~s c0nc~rring, ' Section 1: That to provid~ a fund for the payment of the~portion o£fthe cost and expense for which the special ~ssessment has here- tofore been levied for said improvement the Mayor '~inance be and they are hereby auth0rized to issue,~o~s' of. the ~ ~ · ~'~'~-~'vwi t Czty of Lakewoo.d, 0i~o, in the aggregate s~q~,o~l~ Which ' ' " ' ma~lties are hereby determined to be Zn subS~'ag~tSally equal' annual amountS, with interest thereon at ~h~ r.ate.of.'~ per centum-.. ~er~ ann,~U~.,,~ payable ~i-annually on April 1st and 0ct~ber 1st each year un~.il ml~' of t~ said bonds have been duly' paid and retired, a~.'zha~be payable,both principal and ~nt'erest.,. at t~e o'~fiCe off the Dirmct~ of Fin~ce off the City of L~'~' ~i.~ds so autho~ized to be ~issued s~ll ~'e dated ' ~ ~ , ~d shall 'be signed '~ soSd by said offficers as prou.'i~d by law, and tlie proceeds 't~reof, except premix, accrued.inter, est ~d the amount ne~ry for interest until the ~irst half' of the t~es for the yea='~ . --~re available, shall b~e applied 'to ghe. pa~e~t off the cost. an~ ~p~nse 0f said. improvem?nt as a~0res~id~, a~d to no othe~ purpose wh~soever. The;~full faith,-credit m~d revenues of t~ City o~ Laker~ood, Ohio, are hereby .pledged'to the payment of said bo.nds a~' t~ interest thareon.~ If' before the sale of said bonds any-o'f the ~zners o.f' saLd prope~ty' s~ll pay their tQtal, asses~men'~ in cash' the ~gg=ega2e $~: i'n:bonds ~o be issued shall ~ r~duced by deducting the ~ount .so :paid~ in cash from 'th~ tot~ ~ount.ef the fund g~5 'De p~o~e~, and the b'ondS, issued shall be reduced in ~ount or denomi'~tion, or ~ot~, so as to provide fbr a subst~$ially equal ~Ount'/mat~'ing e.~ch Section 2 ~ That said annual payments of said assessments and alX'por- tion~ thereof and ail interest thereon sh~all b~ applied to the p-aymen~ of said bend~ and t~e interest, thereon as the same shall become due, and to no,other.purpose whatsoever° '-~ectio~l 3~ That for the purpdse of providing funds in an'amount ~uffic~en~: t.o pa~,'~he int.e£.~s'~ on sai,I serial bonds and t[o p.r~0~ovide ~ fund for" Elie ,fi~al /.~edemp'v. ion of said b0uds, t'here stroll ~e is hereby 'levied: upe~ .all the real and person'al property"in the Cit'y