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<br />Street, Robinwood Avenue and Scenic Street by the necessary grading of the
<br />base, resurfacing with asphaltic concrete, including the necessary replace-
<br />ment and resetting of castings and the necessary resetting and replacing of
<br />curbs together w~th the necessary appurtenances thereto, between the termini
<br />and in the manner provided in Ordinance No. 16~70, passed April 20, 1970, and
<br />Ordinance Nos. 17-70 to 22-70, inclusive, passed April 6, 1970. Of said
<br />amount the City's portion is $25,500 and the property owners' portion is $2,572.
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<br /> Section 2. Said bonds shall be issued in the'principal amount of
<br />$28,072; shall be dated June 1, 1975, shall be issued in the denomination of
<br />$1,000 each, except bond No. 1 which shall be in the denomination of $1,072;
<br />shall be numbered from 1 to 28, both inclusive, and shall beac interest at
<br />the rate of six per centum (6%) per annum, payable on the first day of Decem-
<br />ber, 1975, and semi-annually thereafter on the first days of June and December
<br />of each year until the principal sum is paid, as evidenced by the coupons
<br />at.tached thereto; provided, however that if the bonds are sold bearing a
<br />different rate of interest than herein specified, such bonds shall bear such
<br />rate of interest as may be provided in the resolution of Council approving the
<br />award thereof. Such bonds shall mature in their consecutive serial order as
<br />follows:
<br />
<br /> $7,672 on December 1, 1976, and
<br /> $5,100 On December 1 in each of the years from 1977 to 1980, inclusive,
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<br />which.maturities are hereby determined to be in substantially equal annual in-
<br />stallments.
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<br /> Provided, however, that if the Director of Finance shall accept for
<br />purchase into the Bond Retirement Fund this issue, then a single temporary
<br />manuscript bond in the amount of $28,072 numbered M-3 and dated June 1, 1975,
<br />shall be issued in lieu of the series.of coupon bonds described in the paragraph
<br />immediately above' Jnd such bond shall be payable to the Director of Finance
<br />of the City of Lakewood as officer in charge of the Bond Retirement Fund, in
<br />installments of $7,672 on December 1, 1976 and $5,100 on the first day of Decem-
<br />ber in each of the years from 1977 to 1980, inclusive, and shall bear interest
<br />at the rate of six per centum (6%) per annum, payable on the first day of June,
<br />1975 and semi-annually thereafter on the first days of June and December of
<br />each year until the principal sum is paid. The principal sum of the temporary
<br />manuscript bond and the interest thereon shall be payable at the office of
<br />the Director of Finance, Lakewood, Ohio, in lawful money of the United
<br />States of~America upon the presentation of such bond for the proper endorse-
<br /> ment thereon of such payments. Whenever it seems advisable to the authority
<br /> having control of the Bond Retirement Fund of the City of Lakewood, the tempor-
<br /> ary manuscript bond shall be converted into coupon or registered bonds of the
<br /> same maturity and rate of interest in accordance with the provisions of Section
<br /> 133.19, Revised Code, and such definitive bonds shall'be issued in exchange
<br /> for the temporary manuscript bond.
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<br /> The bonds of this issue shall be subject to call in whole or in part
<br />in inverse order of maturity on any interest payment date at par and accrued
<br />interest to the date of]redemption. If less than all bonds of any one maturity
<br />are called at one time, then the bond or bonds to be redeemed shall be selected
<br />by lot in a manner to be determined by Council. Any right of redemption of
<br />bonds shall be exercised by resolution or ordinance of Council. If the out-
<br />standing bonds are in. coupon form, notice of redemption, specifying by numbers
<br />the bonds to be called, shall be published once in a newspaper of general
<br />circulation in the City of Lakewood, such publication to be made not less than
<br />ten (10) nor more than twenty (20) days prior to the date of redemption. If
<br />the outstanding bonds are in manuscript form and held by the officer in charge
<br />of the Bond Retirement Fund, notice of redemption shall be served on such
<br />officer and no published notice shall be given. Upon the redemption date, all
<br />interest upon bonds so called shall cease unless default shall be made in the
<br />payment of the redemption price and accrued interest to the redemption date,
<br />upon presentation of such bonds.
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