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called for redemption in whole or in part at any time by resolution <br />adopted by this Council designating the principal amount to be called and <br />the maturity or maturities from which called without regard to any other <br />requirement of this paragraph. Upon the redemption date, all interest <br />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 <br />date, upon presentation of such bonds. Such bonds shall be designated <br />"Street Improvement Bonds - 1981". <br /> <br /> Section 3. Said coupon bonds and manuscript bond shall be <br />executed by the Mayor and D±rector of Finance provided that one of such <br />signatures may be a facsimile and shall bear the corporate seal of said <br />City. Interest coupons attached to said coupon bonds shall bear the fac- <br />simile signature of the Director of Finance printed or lithographed <br />thereon. Said bonds shall be payable in lawful money of the United <br />States of America at the office of the Director of Finance, City Hall, <br />Lakewood, Ohio. <br /> <br /> Section 4. For the purpose of providing the necessary funds to <br />pay the interest on the foregoing issue of bonds promptly when and as the <br />same falls due, and also to provide a fund sufficient to discharge the <br />said serial bonds at maturity, there shall be and is hereby levied on all <br />the taxable property in the City of Lakewood in addition to all other <br />taxes, a direct tax annually during the period said bonds are to run in <br />an amount sufficient to provide funds to pay the interest upon said bonds <br />as and when the same fall due, and also to provide a fund for the dis- <br />charge of the principal of said serial bonds at maturity, which tax shall <br />not be l~ss than the interest and sinking fund tax required by Section 11 <br />of Article XII of the Constitution of Ohio; provided, however, that in <br />each year to the extent that the assessments anticipated by said bonds <br />are available for the payment of such bonds and are appropriated for such <br />purpose, the amount of such tax shall be reduced by the amount of the <br />assessments so appropriated. <br /> <br /> Section 5, Said tax shall be and is hereby ordered, computed, <br />certified, levied and extended upon the tax duplicate and collected by <br />the same officers, in the same manner and at the same time that taxes for <br />general purposes for each'of said years are certified, extended and col- <br />lected. Said tax shall be placed before and in preference to all other <br />items and for the full amount thereof. The funds derived from said tax <br />levy hereby required shall be placed in a separate and distinct fund, <br />which, together with the interest collected on the same shall be irrevo- <br />cably pledged for the payment of principal and interest on said bonds <br />when and as the same fall due. <br /> <br /> Section 6. Said bon~s shall be first offered at par and accrued <br />interest to the Director of Finance as officer in charge of the Bond <br />Retirement Fund in his official capacity, and if said officer refuses to <br />take any or all of said bonds, then said bonds not so taken shall be ad- <br />vertised for public sale and sold in the manner provided by law. The <br />proceeds from the sale of the bonds, except the premium, accrued interest <br />thereon and capitalized interest, shall be used for the purpose aforesaid <br />and for no other purpose and be allocated to the improvement herein <br />described. The premium and accrued interest received from such sale shall <br /> <br />-3- <br /> <br /> <br />