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Cleveland Trust Company, Cleveland~ Ohio, without deduction for its services <br />as the issuer's paying agent. <br /> <br /> Section 4. That for the purpose of providing the necessary ilmds <br />to pay the interest on the foregoing issue of bonds promptly and when and as <br />the same falls due, and also to provide a fund sufficient to discharge the <br />said serial bonds at maturity, there shall be and is hereby levied on all <br />the taxable property in the City of Lakewood, in addition to all other taxes, <br />a direct tax annually during the period said bonds are to run in an amount <br />sufficient to provide funds to pay the interest upon said bonds as and when <br />the same fall due, and also to provide a fund for the discharge of the <br />principal of said serial bonds at maturity, which tax shall not be less than <br />the interest and sinking fund tax required by Section II of Article XII of <br />the Constitution of Ohio, and shall be outside of the limitations of Section <br />2 of said Article. <br /> <br /> Section 5. Said tax shall be and is hereby ordered computed, certi- <br />fied, levied and extended upon the tax duplicate and collected by the same <br />officers, in the same manner, and at the same time that taxes for general <br />purposes for each of said years are certified, extended and collected. Said <br />tax shall be placed before and in preference to all other items and for the <br />full amount thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate and distinct fund, which together with all <br />interest collected on the same, shall be irrevocably pledged for the payment <br />of the interest and principal of said bonds when and as the same fall due. <br /> <br /> Section 6. Said bonds shall be first offered at par and accrued <br />interest to the officer in charge of the Bond Retirement Fund in his official <br />capacity and if said officer refuses to take any or all of said bonds, then <br />said bonds not so t~ken shall be mivertised for public sale and sold in the <br />manner provided by law, but not for less than their par value and accrued <br />interest. The proceeds from the sale of said bonds, except the premium and <br />accrued interest thereon, shall be used for the purpose for which said bonds <br />are issued and for no other purpose; the premium and accrued interest <br />received from such sale shall be transferred to the Bond Retirement Fund to <br />be applied in the payment of the principal and interest of said bonds in the <br />msmmer provided by law. <br /> <br /> Section 7. It is hereby determined that all acts, conditions and <br />things necessary to be done, precedent to and in the issuing of these bon4s <br />in order to make them legal, valid and binding obligations of said City <br />have been done, have happened and been performed in regular and due form as <br />required by law; that the faith, credit and revenue of said City are hereby <br />irrevocably pledged for the prompt payment of the principal and interest <br />thereof at maturity; and that no limitation of indebtedness or taxation, <br />either statutory or constitutional, has been exceeded in issuing these bonds. <br /> <br /> Section 8. The Clerk of Council is hereby authorized and directed to <br />certify a copy of this ordinance to the Auditor of Cuyahoga County according <br />to law. <br /> <br /> Section 9. This ordinance, having been determined to be an emergency <br />measure, shall be in full force and effect from and immediately after ~S~ <br />passage and approval bytheM~yor. <br /> <br />Passed: May 17~ 1965 <br />Approved:~May 21~ 1965 <br /> <br />President of Council' <br /> <br />Mary Adams <br /> Clerk of Council <br /> <br />Robert M, Lawther <br />Mayor <br /> <br /> <br />