4571 - 48 issue bonds to improve Detroit Alley

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Page Director of Finance. Section 4. That proceeds from the sale of said bonds except premium and accrued interest, if any, and all ef the assessments collected for the mmproveme~ shall be applied to the payment of the anticipatory no~e and interest thereon until beth the principal and interest of said note are fully paid; and thereafter said assessments shal~ be applied te the payment of the said bonds and interest thereon. Section 5. That the faith, credit and revenue of the City O~ Lakevood are hereby irrevocablypledged for the payment of both the principal and interest of the bonds hereinbefore described at maturity, in accordance with the laws and Constitution of the State of Ohio. That upon the sale of said bonds the premium, accrued interest, and the proceeds from the sale thereof, if any, ~emaining after payment of said anticipatory note, shall be placed in the Bond Retmrement Fund to be applied for the payment of principal and interest of said bonds in the manner provides by law. Section 6. That ~h~ the purpose of providing the necessary l~nds to pay interest on the foregoing issue of bonds promptly when and as the same falls due and, also, to provide a sum sufficient to discharge said serial bonds at maturity there shall be and is hereby levied on all taxable property in the said City of Lakewood in addition to all other taxes a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay interest upon said bondsas and when same falls due, and also, provide a fund for the discharge of the orincipal cf said.serial bonds at maturity, which tax s.hall be not lees than the interest and sinking fund required by Section 11 of Artmcle 12 of the Constitution; provided, however, that the amount of the tax to be levied in any year for such purpose shall be reduced by the amount available for such purpose from said special assessments or any surplus in the fund from which such bonds are to be retired. Said tax sha!l be and is hereby ordered, computed, certified, levied and extended upon the tax duplic~ and collected by the same officers in the same manner and at the same time that taxes for general purposes in each of said years are certified, extended and collected. Sa~ tax shall be placed before and in preference to all other items and for the full amo~ thereof~ T~e funds derived from said tax levy hereby required and from said special assessments shall be placed inthe Bond Retirement Fund~of the City of Lakewood in a separate and' distinct fund, which together with all interest Collected on same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as same' falls due. Section $. Said bonds shall be first offered at par and accrued interest to the Director of Finance of the City of Lakewood and to the officers having c~harge of the Treasury investment Account, and so many of the same as shall not be taken by said officers shall be advertised and sold at public sale in the manner provided by law at not less than their par value and accrued interest thereon. Section~8. In advertising said bonds for sa~e, the adve~isement shall ~tate that anyonedesiring to do so may present a bid or bids for said bonds based upon their bearing a different rate of interest than hereinbeforefixed, provided. however, that where a fractional rate is bid, such fraction shall be one-quarter'(i/4) one per cent (l%)er multipl'e thereof. Section 9. The Director of Finance is hereby directed to fo~vard a certifd copy of this ordinance to the County Auditor. Section lC. That this ordinance shall take effect and be in force upon its adoption and approval by the l~yor, and at the earliest period all~ved by law. Adopted: J~ly 6,. 1948 ~m. R. Fair~rieve President of OOunciI Approved: July 6, 1948 . ~. A. Roes ~lerk of Council A. I. Kaufi1~an ~ayor