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-2- <br /> <br /> Section 3. That for the purpose of raising money in anticipation <br />of the collection of special assessments and of the issuance of the aforesaid <br />bonds for the above described improvements~ and to retire the unpaid portion <br />of said existing note dated June 5, 1968, it is hereby declared necessary to <br />issue and there shall be issued notes in the aggregate principal amount of <br />$78,700. <br /> <br /> Section 4o That such notes in the amount aforesaid shall bear <br />interest at a rat~ not to exceed five per centum (55) per annum payable at <br />maturity; shall be dated June 5, 1969~ shall mature on or before one year <br />from date; shall be issued in such number and denomination as requested by <br />the purchaser; and shall be numbered consecutively commencing 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 pay- <br />ment of said notes and the interest thereon until both are fully provided for. <br /> <br /> Section 7. Subject to the rejection of said notes by the Director of <br />Finance for investment in the Bond Retirement Fund, said notes shall be and~are <br />hereby awarded and sold to The Cleveland Trust Company, Cleveland, Ohio; and the <br />Director of Finance is hereby authorized and directed to deliver said notes, when <br />executed, to the said purchaser upon payment of such purchase price. The pro- <br />ceeds Of such sale shall be paid into the proper fund and used for the purpose <br />for which said notes are being 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 payment 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 />from the 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 />and is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not collected or <br />bonds are not issued to provide a fund for the payment of said notes at maturity,' <br />a general tax shall be levied against all of the property in said City for the <br />payment of such notes and the interest thereon; provided, however, that during <br />the year or years while such notes run there shall be levied on all the taxable <br />property in said City, in addition to all other taxes, a direct tax annually <br />not less than that which would have been levied for the City's portion of said <br />notes, if bonds had been issued therefor without the prior 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 ~equired shall be placed in a <br />separate and distinct fund, which, together with the interest collected on the <br /> <br /> <br />