2340 - 25 Issue bonds to improve Margaret Ave

Home Browse Search

ORDINANCE NO. ~340 By ~grs. ~uirk AN ORDINANCE authorizing .the Mayor and Direc-tor of Finance to issUe bonds in the sum of Si;~ Thousand Six Hundred and Ninety Dollars '($.6;690°00 ~. Dollars to provide a fund for the payment' of the portion of the cost and'expense fsr which the special assessment has heretofore been levied for the improvement of Margaret AVenue from Eyle ko Oa~abel~L Avenues by paving same with bridk or bituminous concrete, or sheet asphalt or asphaltic concrete, er cement concrete, doing any and all grad'inK, draining and curbing and constructin~ delineuent curb connections incidental and nec- ess~ry thereto. BE IT ORDAIATED by the Council of t.h~City of Lsf~ev:ood, Oounty of Cuyahoga and State of Ohio, three fourths of all members CsncurrAng:. Section 1: That to provide a fund for the payment of the portion o~fthe cost and expense for which the special assessment has here- ~b~fore been levied for said improvement the Mayor and Director of Finance be and they are hereby authorized to i.~su~e 11 bosds of the City of Lakewood, Ohio, in the ~ggregate sum 0f. $ 6,690.00 in the , following denominations and matu,ritles:~ Three Bonds in the denomination ef $1,000.00 each, seven Bends in the denomination of $500.00 each and One Bond in the denomination of $190.00 m~turin~ seriall~ Bond No o # Bonds Nos. 10 & 11 $~00.00 October 1st, 1926 ~00,00 "~ ~ 192~' 1,000.00 a ' 192~ ~0~.00 ' ~ 1929 500.00 ' ' 1930 1,000.00 ~ # 193I ~00.00 " # 1932 ~00.90 ' ~ 1933 . 1,000.00 " " 1934 "' 193 Which maturities are hereby determined to be in substantially equal annual amounts, with interest the~e0n at the r~te~6f ~ per cent'.u~ 15er- annum, payable s~i-annualiy on Aprii ~st ~nd. Oc~bber is% ~ach. yemr until all of the .said bonds ~ve been duly p~id and retired., a~- shall.be payable,both .principal ~d ~terest,.. a~ the office the Director Of Fin~ce of the City of.L~e%-~ood. ' S~id Bonds s6-. authorized to be issued s~l ~'e dated' "~ l'st, 192~ . ~d shall be' signed "~d sold By said officers ~s provi~ by law, t~? proceeds t~re0f, except ~remi~, accrued.interest ~d the ~mn. ount;n~cessz ~ for int~erest Until the first half- of the t~es Tot th.e year' 19~ are available ,' shall Be a~li'ed to the pa~ent of the cost and. ~pense.o~ said improvement ~ aforesaid, .~d to no o~er purpose whatsoever. : The full faith, credit Jand reveDues of 2~ City. of LakeWooa, Ohiol ~e hereby pledg~ ~o~h$~ payment of s~ bonds a~d the' interest %her'eon. If b~ef~e bhe saIe of said bonds a~'bf the owners of said property sh~ll pay thei~ total assessment in cash the aggregate s~ 'in bonds ~o~be is~ued~'sHaI1 ~ r~duoed by deducting the ~Ou~t_s0 paid in cash f~om. t~e t~:~ ~ount fund :.~0 B~ '~rovided, an~' t~e'~ ~0nd~ issued sh~lI be~ ~e~ce~ in ~ount or'.denomi'ha~en, or bot~, so ~s to provia~ for a su~St~n%iall~.~qual ~ount m~t~ ing~ e~oh ye~ · - - ~' -- "'-~ Section 2~ That maid annul p~e.n~s of e~d assessments ~ ~1!' por- ti~ .;thereof. ~nd ~II inters. St there6n s~_al! 'be mppli'ed to the P~ent of s:~i~ bonds and~ the interes~ thereefi a'~ the s~e Sh~l become ~e, and to-n9 e~er p~pose %vhmtsoever.. ~ '' ~ecti,on 3: T~at f. or ~e purpo.s.e of providing funds .in an'~ount ~ufficient' to p~ ~he in%crest on sai~' seri~ bon~s ~ ~"o D~v~ide m fun~ ~or ~He f~mt ~de~p~n~of smid bonds', 'there shall' Be