38-68 BAN to improve certain streets

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-2- Section 2. That said bonds shall be dated approximately June l, 1969, shall bear interest at the estimated rate of four and one,half per centum (4-1/2%) per annum, payable Semi-annually~ until the principal suz~l is paid~ and shall mature in five substantially equal annual inStall- ments after their issuance. Section 3. That for the purpose of raising money in anticipa- tion of the levy and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, it is hereby declared necessary to issue and there shall, be issued notes in the aggre- gate principal amount of $185,500. Section 4. That said notes shall be executed and issued at such time or times as may be found by the Director of Finance of this City to be necessary to meet the obligations incurred by this Conncil for the improvements referred to in Section i 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 a rate not to exceed four and one-half per centum (4-1/2%) per ann~m, payable at maturity, shall be dated the date of their respective issuance and shall mature on or before one year from the date of the first note issued hereunder; and shall be numbered consecutively comuencing 'with Ilo. 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 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. Section 6. All assessments collected for the improvement afor~ said, and any unexpended balance re~ining 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- Subject to the rejection of said notes by the Dire~ tor of Finance for investment in the Bond Retirement Fund,said notes shall be sold at the par value thereof by the Director of Finance at an inter- est rate not exceeding that specified in this ordinance and in accor- dance with the best interests 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 provision of this ordinance. Section 8. Said notes shall be the full general obligation of the City of Lakewood and the full faith, 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 ex- tent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose.