2686 - 27 Issue bonds to improve Woodwared Ave

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ORDINANCE A~ ORDINANCE authorizing th~ I~ayo~ arid Director of Finance to iosue bonds in the sum of ~ $~e Tho~ O~e l{mud~d ~ ~e~,~ ~S ($ ~'.$0 ) %o prov[d~ af~d fo---~ t~e p~n'~''"~ r~e of the cost and expense for ~h[ch the s~c~al assessment has ]SE IT 0KDA~ by the Council of the C~ty of Lakewood, County Cuyahoga, State of Oh[o, three-fourths of all members elected thereto concurring:- of Section 1: That to provide a fund for the ps~vment of the portion of the cost and expense for which the special assessment has heretofore been levied for said improvement the Mayor an~ Director of Finance be and they are hereby authorized to issue ~. bones of the City of Lakewood, Ohio, in the aggre~a~e~ sum of in the follewinE deno~fsat[0ns and maturities. ~0~1~ (4) $200.00 each aha one ti) ~ona of $373.oo l$Ond No.. Ascent Date $200.00 October Let, 2,00.00 October let, 200.00 Which maturities are hereby determined to be in sabstantially equal annual amounts~ with interest thereon at the rate of $ per centum per antrum, payable semi-annually on April 1st an~ October 1st each year until all of the said bonds have been duty paid and retired, and shall be payable, both principal and inter- est, at the office of the Director of Finance of the City of Lakewood. Said bonds so authorized to be issued shall be dated ~l~ ~S%, 1~2~ , and Shall be signed and sold bY said officers as provided by law, and the proceeds thereof, except premium, accrued ~nterest and the amount necessary for interest until the first half of the taxes for the year ~2~ are avail- able, shall be applied to the payment of the cos~ ~nd expense of said improvement as aforesaid, and to no other purpose what- soever. The full faith, credit and revenues of %he City of Lakewood, Ohio, are hereby pledged tp the payment of said bonds and the interest thereon. If before the sale of said bonds any of the owners of said property shall ~ay their total assessment in cash, the aggregate sum ih bonds to be issued shall be reduced by deducting the amount so paid in cash 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- stanttally equal amount maturing each year. Section 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 thereon as the same shall become due, and to ~o other purpose whatsoever.