2493 - 26 Issue bonds to extend Edgewater Interceptor Sewer

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t _ ~ ~ t vehiah maturities are hereby deemed to he in enbstantislly equal annual installments. The premium and interest on eI1 said bonds shall be payable at the offi~s of the Director of Finance in the City of Lakewood and State of Ohio. Seetiou 3: That said bonds shall ba pxepare8 by the Mraotor of Law, signed by the Dtayor and Dixsetor of P"inauce, sealed with a City's seal and racordefl in the affiae of the Sinking Fund Commission. Said bonds shall express upon their fees the purpose for which t~?ey are issued. the fact that they era issued pursuant to law and ardinanoe. the int©r- est caupona attaohed to said bonds ehail bs~,the faoeimile signature of the Diraatox of. Finanos. Seddon 4: 'P.hat the faith, araflit and revenue of the R'ity of Lakowoafl are hereby pledged far the payment of both principal and interest of the r bonds herainbefore described at maturity, irz a4oordance with the laws ;'and oonatitution of the State of Ohio. Sactioa 5~ i'ha~t star-.the purpose of providing the rieaesstary funds xa pay ''the interest on the 3oragoing leans of bands promptly ~rhenand as the ®ame fails due, 8:Tlfl alas to provide a fund euffiaiant to disehsrgs the said serial bonds at maturity, there aha31 be and is horeby levied an ell the taxable property in the tiny of Lakewood, in addition to all other taxes a direot tax annually during the period said bonds era to xun. in an amount suffioiant to provide a fund to pay interest upon said bonds a® and when Lhe soma falls due, and also to provide a fund for the discharge of the prinoipal of sari ssrial:~ bonds +at maturity, ~hioh tax shall not ba i° lase than the interest sad Sicking fund tax requixad by Section 11„ Axti.ola 1E of the Cons titutlon i ~ i Said tax shall be and is hereby ordered o~nputed, aextified, ' levied and extenaad upon the tax duplicate, and collected by tho same officers in the save Manner and a t the same liras taxes for general pur- p©ses for oach of said ytanrs are certified, extended and colleotefl. Said texas shall be placed before and in preference to all other it©ms and far the full amount thereof. The funds derived from said tax levy hereby _ required shall ba plsced in a sspaxata and distinct Raid v~hich, together with all interest on the same, shall be ixrevooably pledged for the payment of interest and prinoipal of said bonds when and as th© same fa12a due. _ Seotion .8. That eai~d bonds shall be first ofYersd~st per and acaruad interest to the Sinking Fund Commission in their offiaai oapaoity and if said commission refry as to take any or e11 of said bonds. then said bonds not ao taken shall be offerefl at par and eocrued in tarsal to the Boarfl of Corar~iseionera oP the Slaking 1+'und of the City School District of the City of Lakewood, and iY said Commisridners refuse to take az~ or all of said bonds then said bonds nat ea taken shall ba advertised Yor public sale and sold in the meatier provided by law under the. direotian of the tiayor a.nd Direotor of Finatioe, but not for ].ass then their par value and accrued interest; the proceeds from the sale of said bonds, excopt the premium .and accrued interest thereon, and the amount of e8 id bonds issued for interest shad be used for the purposes aforesaid and for no other purpose. The premium and aoorued interest received fxom said eels and amount of said bonds issued fax interest shall be trans- - ferrsd to the :finking, l~uad Commmission to ba applied by 'than in ~±sytaent of the principal and interest of paid bands in the taauner provided by I r:w, Bastion fi: The Director of k'in~oa is hereby dirocted to forv~ard a certifiod oop;~ aP this Ordinance to the County Xu~litcr as required by Seotion 6449-1b o~ the General Code.