2685 - 27 Issue bonds to pave Williamson Ave

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0tE)INAN~ N0. ~ By ~, liinchliffe AN ORDII~ANCE authorizing the ~ayor and Director of Finance issue bonds in the sum of ~ 0f the cost and expense for ~tch the s~c[al ~ssessmen~ nas heretofore been levied for the ~mprovement of BE IT OPOA~ by the Council of the City of Lakewood, County of Cuyahoga, State of Ohio, three.fourths of all members elected thereto concurring:- Section 1: That to provide a fund for the payment of the portion of the cost and expense for which the special assessment has heretofore been levied for said improvement the l{ayor and Director of Finance be and they are hereby authorized to issue ~ bonds of the City Of Lakewood, OhiO, in the aggrega.te sum of $ in ~he following denominations and maturities. ~ ,~, Bond No. ~ , O0.O0 ~oto~r let~ ~ond No, ~ ~.00 October let, ~9~ Which maturities are hereby determined to be in substantially equal annual amounts, with interest thereon at the rate of $ per centum per a~mm, payable seml-annmally on April let and 0ctober let each year until all cf the said bonds have been duly paid and retired, and shall be payable, both principal and inter- est, at the office of the Director cf Finance of the City of Lakewcod. Said bonds so a~thorized te be ~ssued shall be dated ~"~- ~S% i~2~ , and shall be signed an sold by said o~ers ~s ~r6$ided by laW, and the proceeds thereof, except premium, accrued [nterest and the ~mount necessary for interest until the first half of the taXeS for the year ~2are ava~l- able, shall be applied ts the payment cf the cos~d expense of said improvement as aforesaid, and to no ether purpose what- soever. The full faith, credit and revenues of the City of ~akewood, Ohio, are hereby pledged t~ the.payment of said bonds and the interest thereon. If before the sale of said bonds ~y of the owners of said property shall pay their total assessment in cash, the aggregate sum ih bonds to be issued shall be reduced by deducting the amount so paid in sash from the total amount of the fund to be provided, and the bonds issued shall be reduced in amount or denomination, or both, so as to provide for a sub- stantially equal amount maturing each year. ~ection 2: That said annual payments of said assessments and all portions thereof and all. interest thereon shall be applied to the payment of said bonds and the interest ~hereon as the same shall become due, and to no other purpose whatsoever.