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ORDINANCE N0.3~~Q BY I,r. trickery <br /> AN ORDINANCE authorizing the Mayor and Director of Finance to issue <br /> bands in the sum of One Thousand Six Hundred Twenty-F`ive Dollars <br /> 01,625,00.) for the improvement of Maple Cliff Drive from Lake <br /> Avenue to its northerly terminus by resurfacing same with sheet <br /> asphalt or asphaltic concrete, doing any and all grading, draining <br /> and curbing or other work necessary thereto. <br /> WHEfiEAS, this Council has requested the Director of r~inance to <br /> issue his certificate as to the estimated life of the property, <br /> ' aeaet or imprdvement g oposed to be acquired nr constructed from <br /> the proceeds of the bonds hereinafter referred to and the Director <br /> of Finance has, certified to this council such estimate8 life as <br /> exceeding five (5) gears and has further certified that the maximum <br /> - maturity' of such bonds is five (5) years and, <br /> DEER..~AS, the note issued in anticipation of the issuance of the bonds <br /> ' hereinafter peferred to falls due on or before October 1, 1912, <br /> NOYV, THEftEF'ORE, BE IT ORDAINED BY THE COUPTCTL OF THE CITY OF LAKEWOOD, <br /> STATE OF OHIO, t <br /> g. Section 1. - That to provide a fund in anticipation of the collection <br /> { of special assessments heretofore levied for the payment of the <br /> r ,property owners portion of the cost and expanse for the improvement <br /> of Maple Cliff Drive, Prom Lake Avenue to its northerly terminus by <br /> resurfacing same ea set forth in the preamble hereof, and for which <br /> a note was issued in .anticipation of the issuance of bonds, the Mayor <br /> and Director of Finance be and they are hereby authorized to issue <br /> ~ five C5) bonds of the Citg of Lakewood, Ohio, in the aggre ate sum <br /> r of One Thousand Six Hundred Twenty-Five Dollars (~1,625.00~ in the <br /> following denominations and maturities <br /> BORD N0. AMOURT ;DUE <br /> 1 ~ 325.00 October let 191}2 <br /> 2 325.00 October 1st 191} <br /> ,3 325.00 October 1st 191{. <br /> 325.00 October 1st 191E5 <br /> ~F 325.00 October 1st 191yb <br /> which maturities are hereby detexmined to be in substantially equal <br /> annual installments with interest thereon at the rate of two percent <br /> (2~j per annum, payable semi-annually on bpril 1st and October 1st of <br /> each year until all of said bands have bean duly paid and retired and <br /> shall be payable, both principal and interest, at the office of the <br /> <br /> _ Director of Finance of the Oitg of Laks~ood. Said bonds, so <br /> authorized to be issued, shall be dated October let 191}1 and shall be <br /> signed and sold by said officers as provided by law and the proceeds <br /> thereof, except premiu:a, accrued interest and the amount necessary <br /> for interest until the first half of the taxes for the gear 1911.]. <br /> are available, shall be applie8 to the payment of the cost and expense <br /> of said improvement as aforesaid and to no other purpose whatsoever. <br /> The full faith, credit and revenues of the City of Lakewood, Ohio, are <br /> hereby pleded for the payment of said bonds and interest thereon. I <br /> before the sale of said bonds any of the owners of sai8 property shall <br /> pay their total assessment in cash, the aggregate sum in bonds to be <br /> issued shall be reduced by deducting the amount so paid in cash fPom <br /> the total amount of the fund to be provided and the bonds issued shall <br /> be reduced in amount or denomination, or both, so as to provide for e <br /> substantially equal amount maturing each gear. <br /> 5 <br /> <br />