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Section 2. Said bonds.sha~! be iSsued in the principal amount of
<br />$39,600; shall be dated November 1, ].~77, shall be issued in the denomination of
<br />$1,000 each, except bond No. 1 which ,~b~,ll be in the denomination of $600; shall
<br />be numbered from 1 to 40 , both incl~:~ive, and shall bear interest at the rate
<br />of six per centum (6%) per annum, payable on the first day of June, 1978, and
<br />semi-annually thereafter on the first days of June and December of each year
<br />until the principal sum is paid, as evidenced by the coupons attached thereto;
<br />provided, however that if the bonds are sold bearing a different rate of interest
<br />than herein specified, such bonds shall bear such rate of interest than herein
<br />specified, such bonds shall bear such rate of interest as may be provided in
<br />the resolution of Council approving the award thereof. Such bonds shall mature
<br />in their consecutive serial order as follows:
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<br /> $7,600 on December 1, 1979, and
<br /> $8,000 on December 1, in each of the years from 1980 to 1983, inclusive,
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<br />which maturities are hereby determined to be in substantially equal annual install-
<br />menta.
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<br /> ProvRded, however, that if the Director of Finance shall accept for
<br />purchase into the Bond Retirement Fund this issue, then a single temporary manu-
<br />script bond in the amount of $39,600 numbered M-4 and dated November 1, 1977,
<br />shall be issued in lieu of the series of coupon bonds described in the paragraph
<br />immediately above and such bond shall be payable to the Director of Finance of
<br />the City of Lakewood as officer in charge of the Bond Retirement Fund, in in-
<br />stallments of $7,600 on December 1, 1979 and $8,000 on the first day of December
<br />in each of the years from 1980 to 1983, inclusive, and shall bear interest at
<br />the rate of six per centum (6%) per annum, payable on the first day of June,
<br />1978 and semi-annually thereafter on the first days of June and December of each
<br />year until the principal sum is paid. The principal sum of the temporary manu-
<br />script bond and the interest thereon shall be payable at the office of the Di-
<br />rector of Finance, Lakewood, Ohio, in lawful money of the United States of
<br />America upon the presentation of such bond for the proper endorsement thereon
<br />of such payments, Whenever it seems advisable to the authority having con-
<br />trol of the Bond Retirement Fund of the City of Lakewood, the temporary manu-
<br />script bond shall be converted into coupon or registered bonds of the same
<br />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 in-
<br />terest 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 bonds
<br />shall be exercised by resolution or ordinance of Council. If the outstanding
<br />bonds are in coupon form, notice of redemption, specifying by numbers the bonds
<br />to be called, shal~ be publ~ished,~once in a newspaper of general circulation in
<br />the City of Lakewood, such publication .to be made not less than ten (10) nor
<br />more than twenty (20) days prior to the date of redemption. If the outstanding
<br />bonds are in manuscript form and held by the officer in charge of the Bond Re-
<br />tirement Fund, notice of redemption shall be served on such officer and no
<br />published notice shall be given. Upon the redemption date, all interest upon
<br />bonds so called shall cease unless default shall be made in the payment of the
<br />redemption price and accrued interest to the redemption date, upon presenta-
<br />tion of such bonds.
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<br /> Section 3. Said coupon bonds and manuscript bond shall be executed
<br />by the Mayor and Director of Finance provided that one of such signatures may
<br />be a facsimile and shall bear the corporate seal of said City. Interest cou-
<br />pons attached to said coupon bonds shall bear the facsimile signature of the
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