90-81 Property owners portion - improve streets BAN

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Section 2. That said bonds shall be issue~ in the principal amount of $7,092.37; shmll be dated September 1, 1981; shall be issued in the denomination of $1,000 each, except bond No. i which shall be in the denomination of $1,092.37; shall be numbered from 1 to 7, inclusive and shall bear interest at the rate of twelve per Centum (12%) per annum, payable on the first day of June, 1982, and semi-annually thereafter on the first days of June and December of each year until the principal sum is paid, as evidenced by the coupons attached thereto; provided, how- ever, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $1,092.37 on December 1, 1983; $2,000.00 on December i in each of the years from 1984 to 1986, inclusive; ~ which maturities are hereby determined to be in substantially equal annual installments. Provided, however, that if the Director of Finance shall accept for purchase into the Bomd Retirement Fund this issue, then a single temporary manuscript bond in the amount of $7,092.37 numbered M-1 and dated September 1, 1981, shall be issued in lieu of the series of coupon bonds described in the paragrmph immediately above and such bonds 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 $1,092.37 on December 1, 1983 and $2,000,00 on the first day of December in each of the years from 1984 to 1986, inclusive, and shall bear interest at the rate of twelve per centum (12%) per annum, payable on the first day of June, 1982 and semi-annually thereafter on the first days of June and December of each year until the principal 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 law- ful money of the Un, ted States of America upon the presentation of such bond for the proper endorsement thereon of such payments. Whemever 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 inta 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 at any time 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 bonds 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 redemp- tion, 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 held by the officer in charge of the Bond Retirement Fund, notice of redemption shall be served on such officer and no pub- lished notice shall be given, and the principal of such bond may be 2