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-2- <br /> <br /> Section 5. That the list of estimated assessments as heretofore <br />prepared by the Director of Finance and included in the report of the <br />Board of Revision of Assessments be and the s~ne is hereby approved and <br />the assessments so to be levied shall be paid in ten (10) semi-annual <br />installments, with interest on deferred payments at the same rate as shall <br />be borne by the bonds to be issued in anticipation of the collection <br />thereof, provided that the o~ner of any property to be assessed may, <br />at his option, pay such assessment in cash within thirty (30) days after <br />the passage of the assessing ordinance. <br /> <br /> Section 6. That obligations of the City shall be issued, in <br />anticipation of the collection of special assessments by installments <br />and in an amount equal thereto, for the purpose of providing funds to <br />pay the cost of this improvement. <br /> <br /> Section 7. That the remainder of the entire cost of this improvement, <br /> after application of the assessments herein provided shall be paid by <br /> the issuance of notes and bonds of the City in the manner provided by <br /> law. <br /> <br /> Section 8. That pursuant to Article XIV, Section 16 of the <br /> Charter of the City, the Director of Public Works has heretofore certified <br /> to this Council that his estimate of the life of the improvement described <br /> in Sections 1 and 2 hereof is ten (10) years. <br /> <br /> Section 9. That the Director of Public Works be and' he is <br /> hereby authorized and directed as soon as the funds therefor are available <br /> to make and execute a contract for said improvement with the lowest and <br /> best bidder after advertising according to law. <br /> Section 10. That the Clerk Of ~his ~oun~il 'be and she is hereby <br /> directed to deliver to the Auditor of Cuyahoga County a certified copy <br /> of this ordinance within fifteen (15) days following its passage. <br /> Section 11. That this ordinance, having been declared to be <br /> an emergency measure, shall be in full force and effect from and immediately <br /> after its passage and approval by the Mayor. · . <br /> <br />Adopted: <br /> <br />Approved: <br /> <br />Clerk of ~7oun¢.~ <br /> <br /> <br />