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ORDINANCE NO. ~01 By ~. 011lie <br /> <br /> AN OI~DINANCE authorizing the Mayor and Director of Finance to <br /> issue bonds in the sum of TwO Ti~t~$~ld TwO Et~tdred a~S <br /> ~0~$ '($~0~.~ ) DolI~rs to provide a fund for the <br />payment' of the portion oF the cost ~d e~pense ~ox which t~e special <br />~ssessment has heretofore ~been~.-levi~d for the ~provement of <br />a~ AVen~ ~om ~n Road t~ ~r~l~on AVen~ ~ ~ ~r. <br />~n ~ ~ ~n~ ~ iron ~ipe ~rein w~l~ ~sn~ <br /> <br />BE IT OPd)AIh~ED by the C0uflcil of theCityr of'L'sf~ev;.oo~, Oounty of . <br />Cuyahoga and State ~ OhiO, ttLvee-fourths of- all members concurring. <br /> <br /> Section 1: ~t1~$~?~ provide a f~n~ for, the pa~ent of the portion <br /> ofl'~e cost ~n~ ~penee for ~whi~hthe special ~ssessmen~'~ has here- <br /> tofore been le'~$~d fo= Said impr0veme~e M~yor and D~ecto~ of <br /> Finance be ~nd ~ey are hereby aGtho~Zed~,to issue ..$.bonds. of the <br /> City of L~kewQo~i 0hio~ in the, ~gregate.~ of $2,~0~.~ in/the <br /> foltowi~ deno~bation~ and m~tu~i~ie$.: ~$~ ~4)~ ~ ~ <br /> <br />~nd ~ ~e den~inatl~ ~ ~o 2~ed-~d Fl~ DOll~ (~0~,00) <br /> <br />Which maturities are' hereby determined to be in substaJ~tially equal <br />annual amo~lnts, with interest ~thereon at the rate'of P per centum <br />per' annum, payable semi-annually on April ls~ and October 1st-each <br />year until all of the said bonds have been duly p~id and retired. <br />and shall be payable~both principal and interest, at the office of <br />the Director of Finance ~off the City of Lakewood~ Said boDds so <br />authorized to be~issued shall l~e dated ' ~00%o'ber ~,at. ~2~. and <br />shall be signed s~n~ sold by said officers as provided by law, and. <br />tlie proceeds thereof, except premium, accrued:'in%erest and the <br />amount necessary for int'erest until' the Tirst half Of the taxes for <br />the year ~2~are available, ~hall b'e applied to the payment of the <br />cost and e~'nse of said improvement as aforesaid', and'to no other <br />purpose whatsoever; The full faith, credit and revenues of the <br />City of Lakewood, Ohio. are'hereby pledged to the payment of said <br />bonds and the interest thereon. If before the sale of said bonds <br />any of the owners of said property sh~ll pay their total assessment <br />in cash tile aggregate sum in bonds tb be issued shaI1 b~ r~duced <br />by deducting the amount so paid in cash from the tot'al amount of the <br />fund to ~e p~ovided, and the bonds issued shall be reduced in amount <br />or denomi'natibn, or both, so as to provmde for a substantially equal <br />amount, maturing each year. <br /> <br />section 2: That Said annual payments of said assessments and all' <br />tions thereof and all interest theresn shall be' applied to the paymen~ <br />of said bonds and tlie interest thereon'as the same shall become due. <br />and to no other purpose what,cover. <br /> <br />~ection ~: That fo~ the purpSse' Of providing f~nds in an amount ' <br />ffufficien~ to pay ~He inter'~s~ on sai~ serial bonds and to provide <br />a fund flor EHe fifiaI ~edermp:ion of said bonds, there 'shall Be <br />is hereby levied upon all the real and personal property in the <br /> <br /> <br />