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