37-69 BAN owners portion to improve certain streets

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-2- Section 3. That for the purpose of raising money in anticipation 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 aggregate principal amount of $165,OO0. 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 tncqrred by this Council for the improve- ments referred to in Section i hereof; such notes shall be executed in a series and iu such number and denomination as determined by the Director of Finance; shall bear interest at a rate not to exceed five and one-half per centum (5-1/25) per annum, 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 commencing 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 ~hall 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 afore- said, 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. Subject to the rejection of said notes by the Director 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 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 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 extent necessary be used only for the retirement of said notes at maturity, together with interest thereo~, and is hereby pledged for such purposes.