51-88 Water System Improvement bonds $1,200,000

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In all cases in which Bonds shall be exchanged or transferred, the City shall execute and the Registrar shall authenticate and deliver Bonds in accordance with the provisions of this Ordinance. The City and Registrar may make a charge for every such exchange (but not for any such transfer) of Bonds sufficient to reimburse them for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, and the City and the Registrar may charge a sum sufficient to reimburse them for all other costs and expenses incurred in connection with such exchange, and such charge or charges shall be paid before any such new Bond shall be delivered. 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 aforesaid and for no other purpose. The premium and accrued interest shall be paid into the Bond Retirement Fund to be applied to 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 taxable 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 collected. 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 irrevocably pledged for the payment of the principal of and interest on said Bonds when and as the same fall due; provided, however, that in each year, to the extent that other revenues of the City are available for the payment 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 and things necessary to 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 -3-