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-2 ~ <br /> <br />Section 4. That such notes in the amount aforesaid shall bear <br />interest at a rate not to exceed four and one-half percentum (~-1/2~) per <br />.annum payable at maturity; shall be dated June 5, 1968; shall mature on or <br />before one year from date; shall be issued in such number and denomination as <br />requested by 'the purchaser; and shall be numbered consecutively commencing <br />with No. 1. <br /> <br /> Section 5. That such notes shall be executed by the Mayor and <br />Director of Finance and bear the seal of the Corporation. They shall be <br />payable at the office of the Director of Finance~ City Hall~ Lakewood, Ohio~ <br />and shall express upon their face the purpose for Which they are issued and <br />that they are issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement aforesaid, <br />and any unexpended balance remaining in the improvement fund after the costs <br />and expenses of said improvements have been paid, shall be applied to the <br />pa~ent of said notes and the interest thereon until both are fully provided <br />for. <br /> <br /> Section 7. Subject to the rejection of said notes by the Director <br />of Finance for investment in the Bond Retirement Fund~ said notes shall be <br />sold at the par value thereof by the Director of Finance at an interest rate <br />not exceeding that specified in this ordinance and in accordance with the <br />best interests and welfare of the City; and the Director of Finance is hereby <br />authorized and directed to deliver said notes~ when executed, to the purchaser <br />upon payment of such purchase price. The proceeds of such sale shall be paid <br />into the proper fund and used for the purpose for which said notes are being <br />issued under 'the provisions of this ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligation of the <br />City of Lakewood and the full faith~ credit and revenue of said City are hereby <br />pledged for the prompt pa~aent of-the same~. The par value to be received from <br />the sale of the bonds anticipated by said note and any excess funds resulting <br />fromthe issuance of-said notes shall to the extent necessary be used only <br />for the retirement of said notes at maturity, together with interest thereon, <br />a~d is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are mot collected or <br />bonds are not issued to provide a fund for the payment of said notes at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the payment of such notes and the interest thereon; provided, however, <br />that during the year or years while such notes run there shall be levied on <br />all the taxable property in said City, in addition to all other taxes, a direct <br />tax annually not less than that which would have been levied for the City's <br />portion of said notes, if bonds had been issued therefor without the prior <br />issue of said notes. <br /> <br /> Said tax shall be and is hereby ordered computed, certified~ levied <br />and extended upon the tax duplicate and collected by the same officers~ in the <br />same manner and at the same time that taxes for general purposes for each of <br />said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund, which, together with the interest collected on the <br /> <br /> <br />