46-65 Levy special assessment to improve certain streets

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-2- to in Section 1 hereof~ such notes shall be executed in a series and in such nomher and denomination as determined by the Director of Finance;sh~ll bear interest at a rate not to exceed three per centtnn (3~) per annum, payable at maturity~ shall be dated the date of their respectiveissuance and shall mature on or before one year from the date of the first note issued ~reunder; and shall be n~bered consecutively commencing with No~ 1o Section 5~ That such notes shall be executed by the Mayor ~d Director of Finance and bear the seal of the corporation~ They shall be payable at the office of tile Director of Finance~ City Hall~ Lakewood~ Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance, ~ection 6. All assessments collected for the improvement aforesaid~ and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvements have been paid~ shall be applied to the payment of said notes and the interest thereon until both are fully provided for~ Section 7~ S~oject to the rejection of said notes by the Director of Finsnce for investment in the Bond Retirement Fund~ skid notes shall be sold at the par value thereof by ~he Director of Finance at an interest rate not exceeding that specified in this ordinance and in accordance with.the best int~ erests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver Said notes~ when executed~ to the purchaser upon payment of such purchase price° The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance° Section 8o Said notes shall be the full general obligation of the City of Lakewood amd the full faith, credit and revenue o~ said C~ty are hereby pledged for the prompt payment of the same° The par value to be received from the sale of the bonds anticipated by said hove and any excess funds resulting from the issus~ce of said notes shall to the extent uecessary be used only for the retirement of said notes at mm~turity, together with interest thereon~ and is hereby pledged for such purpose~ Section 9. In the evez~ that such assessments are not levied or bonds are not issued to provide a fund. for the pa~a~ent of said notes at maturity~ a general tax shall be levied ~gainst all of the property in said City for the payment of such notes and the interest thereon~ provided~ however~ that during the ~ear or years while such notes run there ~shall be levied on all the taxable property in said City~ in addition to all other t~xes~ a direct tax annually not less thsm that which would have been levied for the City's portion of said notes~ if bonds had been issued therefor without the prior issue of said notes~ Said tax shall be sad is hereby ordered computed, certified~ levied ~d extended upon the tax duplicate and collected by the same officers~ in the same manner cud at the same ~ime~that taxes for general purposes for each of said years are cert~fied.~ extended and collected~ Said tax shall be placed before and in preference to all other items and for the full m~ount thereof° The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund~ which, together with the interest collected on the~same~ shall.be irravocmbly pledged for the payment of the ~rincipal and interest of said notes or the bonds in anticipation of which they are issued when and as the same fall due° Section 10~ The Clerk of this Council is hereby directed to forward certified copy of this ordinance to the County Auditor°