36-70 BAN - property owners portion to improve streets

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-3- Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to disct~rge the said seri~al bonds at maturity~ there shall be and is hereby levied on all the taxable property in the City of Lakewood, in addition to all other taxes, a direct tax a~mu~lly du~ing the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bo~ds as and when the same fall due~ and also to provide a fund for the disct~rge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section ll of Article XII of the Constitution of Ohio; provided~ however, that in each year to the extent that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose~ the amount of such tmx shall be reduced by the amount of the assessments so appropriated. Section 5. Said tax shall be and is hereby ordered, computed~ certified~ levied and extended upon the tax duplicate and collected by the same officers~ in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund~ which, ~together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued interest to the Director of Finance as officer in charge of the Bond Retire- ment Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then ~said bonds not so taken shall .be advertised for public sale and sold in the m~nner provided by law. The proceeds from the sale of said bonds, except the premium, accrued interest thereon and capi- talized interest, shall be used for the purpose aforesaid and for no other purpose and be allocated to the improvement herein described. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the Payment of the principal and interest of said bonds~ in the manner provided by' law. Section ?..The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. That this ordinance~ having been declared to be an emergency measure, shall be in full force and effect from and immediately after its passage and approval by the Mayor. Passed: ~ ~.,~,~/,~,~ ~ President~ of CounCil Approved. i~. ~/~%J~ Mayor