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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 Board <br />of ~vision of Assessments be and the same is hereby approved and the assessments <br />so to be levied shall be paid in ten (10) semi-annual installments', with <br />interest on deferred payments at the same rate as shall be borne by the ,., <br />bonds to be issued in anticipation of the collection thereof, provided <br />that the o~ner of 'any property to be assessed ~ay, at his option, pay such <br />assessment in cash within thirty (30) days .after the passage of the assessing <br />ordinance. <br /> <br /> Section 6. That obligations of the City shall be issued, in <br />anticipation of the collection of special assessments by installments and <br />in an amount equal thereto, for the purpose of providing funds to pay the <br />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 the <br />issuance of notes and bonds of the City in the manner provided by law. <br /> <br /> Section 8. That pursuant to Article XIV, Section 16 of the Charter <br />of the City, the Director of Public Works has heretofore certified to this <br />Council that his estimate of the life of the improvement described in Sections <br />1 and 2 hereof is ten (10) years. <br /> <br /> Section 9. That the Director of Public Works be and he is hereby <br />authorized and directed as soon as the funds therefor are available to <br />make and execute a contract for said improvement with the lowest and best <br />bidder after advertising according to law. <br /> <br /> Section 10. That the Clerk of this Council 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 /> <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 ~ayor. <br /> <br />Passed: <br /> <br />Approved: <br /> <br /> "- ~ Clerk of C~hcil ' <br /> <br />Mayor <br /> <br /> <br />