104-81 Issue bonds for indoor skating rink

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executed by the Mayor and by the Director of Finance, one of whose Sig- natures may be a facsimile signature; and shall bear the corporate seal of the City or a facsimile thereof. The interest coupons attached thereto shall bear the facsimile signature of the Director of Finance printed or lithographed thereon and principal and interest thereon shall be payable in lawful money of the United States of America at the office of the legal depository of the City, presently AmeriTrust Company, Cleveland, Ohio. Section 4. Said bonds shall be first offered at par and accrued interest to the Director of Finance, as officer in charge of the Bond Retirement Fund, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law, but not for less than their par value and accrued interest. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose afore- said and for no other purpose. The, premium and accrued interest shall be paid into the Bond Retirement Fund to be applied in the payment of the principal and interest of said bonds in the manner provided by law, Section 5. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all tax- able property in the City of Lakewood, 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, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. Section 6. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and col- lected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevo-~ cably pledged for the payment of the principal of and interest on said bonds when amd as the same fall due; provided, however, that in each year, to the extent that revenues are available from other sources for the pay- ment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of such revenues so available and appropriated. Section 7. It is hereby determined that all acts, conditions ~d things necessary t~ be done precedent to and in and for the issuing of said bonds in order to make them legal, valid and binding obligations of the City have been performed in regular and due form as required by law; that the full faith, credit and revenue of said City shall be and are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing said bonds. Section 8. The City hereby covenants that it will restrict the use of the proceeds of said bonds in such manner and to such extent, if -2 -