|
ORDINANCE NO. 2~$4 By ~, ~
<br />
<br />AN OHDINANCE authorizing the Nayor and Director of Finance to
<br />issue bonds in the sum of N~netwen ~ThcuSand Five Hundred and
<br />Twelve '($19,~12,00 ) Dsllar~ to provide~a fund for the
<br />paymen~ o~ ~he portion of the ccst and expense fsr which t~e special
<br />~ssessment h~s heretofore been levied for the improvement of
<br />~incoln Avenue frcm~ Athens Avenue te Fischer Read by paving s~ne~
<br />with brick or bituminous concrete, er sheet as~lt~ or asphaltic
<br />concrete, er'cement'c0ncrete, doing any ~nd all grading, draining
<br />and curbing and constructing delinquent 0urb connections
<br />incidental and necessary thereto.
<br />
<br />BE IT ORDAINED by ~he CounCil of the City of Lsfkewood~ Gounty of
<br />Cuy~oga and State of 0hio~ three-fourths of all members concurring:
<br />
<br />Section 1: That to provide a fund for the ,ps6rmen~ of the portion
<br />offthe cost and expense for which the ~special assessment has here-
<br />tofore been l'evied for said improvem~n~the Nayor and Director of
<br />Finance be an~ ~they are hereby authorized t~ imsue 20 Bonds cf the
<br />City o~Lake~o~od, 0hio~ in the agg~&gat~ ~l~n of $19,~12.00 in the
<br />follo~ving denomin~ticns and maturities: Nineteen bonds in the
<br />denomination of $1,000.00 each and one bond in'the denomination of
<br />
<br />$~12.00, maturing serially:
<br /> Bonds Nos. I smd 2 aggregating
<br />
<br />Bonds Nos. ~ and ~
<br />Bonds Nos. 5 ~nd 6
<br />Bends Nos. 7 and 8
<br />Bonds~Nos. 9 and l0
<br />Bonds Nos.ll and 12
<br />Bonds Nos.l~ and l~
<br />Bonds Nos.15 ~nd 18
<br />Bonds No~.17 ~and 18
<br />Bonds Nos.19~and 20
<br />
<br />~I,~12.00 Oct. 1, 1926
<br />aggregating $2,000.00 0ct.-1, 192~
<br />aggregating $2,008.00 Oct'. l, 1925
<br />aggregating- Sa,000.00 Oct, 1, 1929
<br />aggregating $2,000.00 Oct. l, 1930
<br />aggregating $2,000.00 0etm~ l, 1931
<br />aggregating $2,000.0~ Oct. l, 1932
<br />aggregating $2,000.00 Oct. l, 1933
<br />aggregating $2,000.00 Qct. l, 1934
<br />aggre~ating '$~,~0.00 0c~. I,.1935
<br />
<br />W~kich maturities are hereby determined to be in substar~tia~Iy equal
<br />~n~uat amounts, with in~erest ~he~e0~ ~t 'the' ~ate of 5 per centum
<br />per.annum, payable semi-~nnual~y on $p~ilist and October 1st each
<br />year until all of the sazd'bcnds~hav& been duly pai.&'and retired.,
<br />and shall be payable,both principal ~nd inter,st, at the office of
<br />the Director of ~inance of the City ~f Lakewood~ Said bonds "so
<br />authorized %o be~issued Shall We dated ' Eay I~t, 192~, . and
<br />shall be signed ~'~hd'sold by ,said ,offi0ers as provided by law, and
<br />the proceeds t~reof, ~xCeDt pr&~i~,~ accrue~%interest and the
<br />anount necessa~ for tn~erest until the first half of the taxes for
<br />the year 1925 are ava~I~b~i'~shall be applied $o the payment of the
<br />cost and e~pense of s~d ~mp~ovem~nt as ~f~res~id', and~to no other
<br />p~rpose whatsoever~~ i~he full 'faith, credit and revenues of tl~.
<br />City of La~ewood~ 0Hi$~ are hereby pIedged.to the payment of sa~d
<br />~onds and the interest, thereod.~ If'b~fore the sate ~of said bonds
<br />any bf'%he ovzners ~f ~aid property sh&ll pay their total assessment
<br />in cash the aggregate sum in bonds fo be issued shall b~ r~duced
<br />by deducting the amOun~ so pai~ in-cash-fromm'the to%al amount of the
<br />fund ~0 Ds provided, and the bonds issusd shall be reduced in amount
<br />or denomiha$ion, or both,.so ~s to provide fo~ a substantially equal
<br />amount maturing each year.
<br />
<br />Section 2~ That said annual pa~ushts of said asseBsments and ali
<br />tions thereof and ail interest there6n~shall b~ applied to the paymen~
<br />of said bonds and the interest thereon as the same Shall become due.
<br />and to no other purpose %vhatsoever.
<br />
<br />Section 3~ That for the purpose of providing funds in an amount
<br />~ufficient~ t6 pa~l~e inter'es~ on said" ~erial~ b~nds and '~t'o p.r>eovid~e
<br />a fun~ for ~he fihaI redemption of said ]~onds~ '~here eliall 15~ a~f
<br />is hereby' levied upon all the real- and personal .property in the Citv
<br />
<br />
<br />
|