27-67 BAN - owners portion to improve certain streets

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- 2- referred to in Section 1 hereof; such notes shall be executed in a series and in such number and denomination as determined by the Director of Finance; shall bear interest at s rate not to exceed four per centum (4~) per annum~ payable at meturity~ shall be dated the date of their respective issuance end shall m~ture on or before one year from the date of the first note issued hereunder; and shall be numbered consecutively coE~encing with No. 1. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance, City H~ll, I~kewood, Ohio, and shall express upon their face the purpose for which they ere issued and thst they ere issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and shy unexpended balance remaining in the improvement fund after the costs and expenses of said improvements have been paid, shell be applied to the payment of said notes end the interest thereon until both are fully p~ovided for. Section 7. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shall be sold st the par value thereof by the Director of Finance at an interest rate not exceeding that specified in this ordinance and in accordance with the best interests and welfare of the City~ and the Director of Finsnce is hereby authorized and directed to deliver said notes, when executed, to the pur6hsser upon payment of such purchase price. The proceeds of such ssle shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ardinance. Section 8. Said notes shall be the full genersl obligation of the City o£ I~kewood and the full f~ith~ credit and revenue of said City 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 note and any excess funds resulting from the issuance of said notes shall to the extent necessary be used ooly for the retirement of said notes at maturity, together with interest thereon~ and is hereby pledged for such purpose. Section ~. In the event that such assessments are not levied or bonds are not issued to provide s fund for the payment of said notes at meturity~ s general tax shall be levied against all of the property in said City for the payment of such notes and the interest thereon~ provided, however, that during the year or years while such notes.run there shall be levied on all the taxable property in said City~ in addition to all other taxes, a direct tax annually not less th~n 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 and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and a~ the same time that taxes for genersl purposes for each of said years are certified~ extended end collected. Said tax shall be placed before end in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required ~hall be placed in a separate and distinct fund~ which, together with the interest collected on the