55-69 BAN - owners portion to improve certain streets

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-2- thereto; provided, ~howcver that if thc bonds arc sold bearing, ~ different rate of interest than hercin specified, such bonds shall bear such r~tc of--~ interest as may be provided in thc resolution of Council approving thc ~wurd thereof. Such bonds shall mature in their consecutive serial order as follows: $3,350 on December 1, 1971, ,000 on December 1, 1972, and ,000 on December i in each of the years from 1973 to 1980, inclusive. which maturities are hereby determined to be in substantially equal annual in- stallments. Provided, however, their the Director of Finance shall accept for purchase into the Bond Retirement Fund this issue, then a single temporary manuscript bond in the amount of $38,350 numbered M-1 and dated July l, 1969, shall be issued in lieu of the series of coupon bonds described in the para- graph immediately above and such bond shall be payable to the Director of Finance of the City of Lakewood as officer in charge of the Bond Retirement Fund, in installments of $3,350 on December l, 19?l, $3,000 on December l, 1972, and ~4,000 on the first day of December in each of the years from 1973 to 1980, inclusive, and shall bear interest at the rate of six per centum (6~) per annum, payable on the first day of December, 1969 and semi-annually thereafter on the first days of June and December of each year until the principal sum is paid. The principal sum of the temporary manuscript bond and the interest thereon shall be payable at the office of the Director of Finance, ~e~kewood, Ohio in lawful money of the United States of America upon the presentation of such bond for the proper endorsement thereon of such pay- ments. Whenever it seems advisable to the authority having control of the Bond Retirement Fund o.f the City of Lakewood, the temporary manuscript bond shall be converted into coupon or registered bonds of the same maturity and rate of interest in accord&nce with the provisions of Section 133.19, Revised Code, and such definitive bonds shall be issued in exchange for the temporary manuscript bond. The bonds of this issue shall be subject to call in whole or in part ~n inverse order of maturity on any interest payment date at par and accrued interest to the date of redemption. If less than all bonds of any one maturity are called at one time, then the bond- or bonds to be redeemed shall be selected by lot in a manner to be determined by Council. Any right of redemption of bonds shall be exercised by resolution or ordinance of Council. If the out- standing bonds are in coupon form, notice of redemption, specifying by numbers the bonds to be called, shall be published once in a newspaper of general circulation in the City of Lakewood, such publication to be made not less than ten (10) nor more than twenty (20) days prior to the date of redemption. If the outstanding bonds are in manuscript form and held by the officer in charge of the Bond Retirement Fund, notice of redemption shall be served on such officer and no published notice shall be given. Upon the redemption date, all interest upon bonds so called shall cease unless default shall be made in the payment of the redemption price and accrued interest to the redemption date, upon presentation of such bonds. Section 3. Said coupon bonds and manuscript bond shall be executed by the Mayor and Director of Finance provided that one of such signatures may be a facsimile and shall bear the corporate seal of said City. Interest coupons attached to said coupon bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. Said coupon bonds shall be payable in lawful money of the United States of America at the office of the Director of'Finance, City Hall,'Lakewood, Ohio.