2494 - 26 Issue bonds to improve Hafermalz Ct

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ORDII~A I~E NO~ Sy AN ORDINANCE authorizing t~ke MayRF and I)i~eet_or of ~i~l~ c to ~'~..~ . (~'~'~ ~) to provide ~ f~d for the p~ent o~ ~e cos~ anG ~ense ~or ~ch the S~c~al B~ IT ORDAINE~ by the Council of the City of Lakewood~ .County of Cuyahoga, State of Ohio, three-four~hs of all members elected thereto concurring:. Eection l: That to provide a fund for the payment of the portion of the cost and expense for whLch the special assessment has heretofore been levied for sa~d improvement the Mayor anioDirectcr of Finance be and they a~e hereby authorized to ~ssue of the City of Lakewood, Ohio, in the aggregate~um ~f f i ' g n ' ' n ~ 'es' Which maturities are hereby determined to be an substsmtial~y equal annual amounts, with interest thereon at the rate cf per centum per annum, payable sem~-annually on April let and October let each year until all of the said bonds have been duly paid and retired, and shall be payable, both principal and inter- est, at the office of the Director of Finance of the City of ~w~; l~d Bends so authorized to be issued shall be dated , and shall be signed and sold by officers as provided by law, ~d the proceeds thereof, except premium, accrued ~nterest and the amoun~ necese~$for interest until the first half of the taxes for the year ~ are avail- able, shalt be applied to the payment of the cost and expense of said ~mprovement as aforesaid, and to no ether purpose what; soever; The full faith, credit and revenues of the City of ~akewcod, Ohio, are hereby pledged tp the payment of said Bonds and the [~terest thereon. If before the sale of said Bonds ~ny of the owners of said property shall pay their total assessment ~n cash, the aggregate sum ~h bonds to be issued shall be reduced by deducting the amount so paid in Cash fr~m the total amount of ~he fund to be provided', and the b~nds [ssded s~all be reduced in amount er denomination, or both, so as to provide for a s~b- stunt[ally equal amount maturing each year. Section 2: That said annual pa%ments ef said assessments and all port~cns thereof and all interest thereon shall be applied to the payment of said bonds and the interest thereon as the same shall become due, and to ~o other purpose whatsoever.