24-75 BAN- property owners portion - sewer,etc. on Beach Rd in Clfton Park Lagoon

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which maturities are hereby determined to be in substantially equal ahnual install- ments. Provided, however, that if the Director of F~nance shall accept for purchase · ~nto the Bond Retirement Fund this issue, then a single tcmpor.ary.manuscript bond in the amount of $16,877 numbered M-2 and dated April 1, 1975, shall be issued in lieu of the series of coupon bonds described in the paragraph 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 $3,887 on December 1, 1976, $3,000 in December 1, 1977 and $2,000 on the first day of Decqmber in each.of the years from 1978 to 1982, inclusive, and shall bear interest at tile rate o five -~' on~ half p~er cen.tum per annum, payable on the first day 'of June, 197~5 and semi- annually thereatter on the first days of June and December ~of each year until the principa~l 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, Lakewood, Ohio., in lawful money of the United States of America upon the presentation of such bond for the proper endorsement thereon of such payments. Whenever it seems advisable to the authority having control of the Bond Retirement Fund of 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 accordance 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 in 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 bond~ 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 outstanding 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 ~leld 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 pre.sentation of such bonds. Section 3. Said coupon bonds and manuscript bond shall be executed by tile Mayor and Director of Fihance provided that one of such signatures may be a facsimile and shall bear tile 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. Section 4. For the purpose of oroviding the necessary fnnds to pay the in- terest on the fore~-ozng issue of bon~s ~rcmoniv when ?.nd ~s ~he .~me fa~-s iue. and also to provide a fun~ suffic!znn to ~iscnar~e ~_ne sa~ serial oon~s an manur'~7, there shall be and is hereby levied on all the taxable property in the City of Lakewoo in addition to all other taxeS, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, whic]~ tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Con.- stitution of Ohio; provided, however, that in each year to the extent that tile assessments anticipated by said bonds are available for thc payment of such bonds and are appropriated for such purpose, thc amOunt of sucD tax shall be reduced by the amount of the assessments so appropriated.