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Page ¢2. <br /> <br />Section 5. The proceeds of bonds hereby determined to be issued in anticioation <br />of the collection of assessments for said improvement and all of the asses~ents <br />collected for said improvement shall be applied to the payment of the notes and <br />interest thereon until both are fully paid and thereafter said assessments shall <br />be applied to the payment of said bonds and interest thereon. <br /> <br />Section 6. That the faith, credit and revenues of the City of Lakewood, Ohio, <br />are hereby pledged for the prompt payment of both principal and interest of the <br />notes hereinbefore described in accordance with the laws and constitution of the <br />State of Ohio. <br /> <br />Section ?. If for any remson the assessments for said improvement shall not be <br />levied or shall not Be collected or paid, or bonds shall' not be issued in <br />anticipation of the collection of said assessments, then, and in that event, <br />there shall be and is hereby ordered to be levied on all the taxable property in <br />the City of Lakewood, in addition to all other taxes, a direct tax sufficient to <br />provide funds for the payment of the principal and interest of said notes. Said <br />tax shall be and is hereby ordered, computed, certified, levied and extended upon <br />the tax duplicate and collected by the same officers in the same mauner and at the <br />same time that taxes for general purposes are certified, extended and collected. <br />The proceeds from said taxes shall 'be placed in a separate and distinct land and <br />used only for the payment of said notes. <br /> <br />Section 8. That this ordinance is hereby declared to be an emergency measure for <br />the reasons stated in the preamble hereof and, provided it receives the affirma- <br />tive vote of two-thirds of all members elected to Council, it shall take effeot <br />and be in force immediately upon its adoption and approval by the Mayor. <br /> <br />Adopted <br /> <br />Approved <br /> <br />Nov. 16~. 1~48 <br /> <br />A. I. ,Kauf~,, <br /> Mayor, <br /> <br />~m. R. Fairgriewe <br /> President <br /> <br />H. A. Rees~ / <br /> ~ · <br /> Clerk of ouncil <br /> <br /> <br />