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~ t' <br /> <br /> ` rage #2 <br /> Section 5. That the faith, credit and .revenue of the City of Lakewood <br /> are hereby irrevocably pledged for the payment of both the principal and interest <br /> of the bonds hereinbefore described at maturity, in accordance with the laws and <br /> Constitutior. of the State of Ohio. That upon the sale of said bonds the premium, <br /> accrued interest, and the proceeds from the sale thereof, if any, remaining after <br /> payment. of said anticipatory note, shall be paid to the Sinking Fund Commission to <br /> be applied for the payment of principal and interest of said bonds in the manner <br /> provided by law. <br /> Section 6. That for the purpose of providing the necessary funds to pay <br /> interest'on the Foregoing issue of bonds promptly when and as the same falls due <br /> and, also, to provide a sum sufficient to discharge said serial bonds at maturity <br /> there shall be and is hereby levied on all taxable property in the said City of <br /> Lakexoocl in addition to all other taxes a direct tax annually during the period <br /> said bonds are to run in an amount sufficient to provide fluids to pay interest <br /> upon said bonds as and when same Salle due, and, also, provide a fund for the dis- <br /> charge of the principal of said serial bonds at maturity, whi ch tax shall be not <br /> less than the interest and sinking fund required by Section 11 of Article 12 of the <br /> Constitution; provided, however, that the amount of the tax to be levied in any <br /> year for such purpose shall be reduced by the amount available for such purpose from <br /> said special assessments or any surplus in the fluid from which such bonds are to be <br /> retired. Said tax shall be and is hereby ordered, computed, certified, levied and <br /> extended upon the tax duplicate and collected by the same officers in the same manner <br /> and at the same time that taxes for general purposes in each of said years are <br /> certified, extended, and collected. Said tax shall be placed befsire and i.n <br /> preference to all other items and for the full amount thereof. The funds derived <br /> from said tax levy hereby required and from said special assessments shall be placed <br /> with the Sinking Fund Commission of the City of Lakewood in a separate and distinct <br /> fund, which together with all interest collected on same, shall be irrevocably <br /> pledged for the payment of the interest and principal of said bonds when and as <br /> same falls due. <br /> Section 7. Said bonds shall be first offered at par and accrued interest <br /> to the Sinking Fund Commission of the City of Lakewood in its official capacity and <br /> to the officers having charge of the Treasury Investment Account, and so many of the <br /> same as shall not be taken by said Commission and said officers, shall be advertised <br /> and sold at public sale in the manner provided by law at not less than their par value <br /> and accrued interest thereon. <br /> Section 8. In advertising said bonds for sale, the advertisement shall <br /> state that anyone desiring .to do so may present a bid or bids for said bonds based <br /> upon their bearing a different rate of interest than hereinbefore fixed, provided, <br /> however, that where a fractional rate is bid, such fraction shall be one-quarter (1/!~) <br /> of .one per cent (1~) or multiple thereof. <br /> Section 9. The 1'i rector of Finance is hereby directed to forward a certifies <br /> copy of this ordinance to the County Auditor. <br /> Section 10. That this ordinance shall take effect aril be in force upon its <br /> adoption and approval by the mayor, and at the earliest period allowed by law. <br /> Adopted; ?~iay 1, 191t1~. Wm. R. Fairgrieve <br /> president <br /> ri. A. Rees <br /> Approved: ~''-ay 1, 1914• Clerk <br /> A. I, Kauffman <br /> 3dayor <br /> <br />