2406 - 25 Issue bonds to improve Edgewater Drive

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AN ORDINANCE authorizing issue bonds in the s,,~ ~* · - ' (~ ) Dolla~s to provide a ~und for the payment' of t~e portion of the cost ~d expense f~r which t~e s~cial assessment ~s eret ore b wi~ ~lck or bit~inous concrete or ~eet asp~lt, or asp~ltic concrete, or cement concrete, dol~ ~ ~d a~ gradl~, drain~ ~d curbing ~d constructi~ ~X~uent curb co.cottons ~ncident~ and ae~ems~y ~reto. ]~E' IT ORDAINED by the Council of th~c'ity of Lakewood, County of Cuyahoga and State of Ohio, three-fourths of all members concurring: Section 1: That to provide a fund for the payment of the portion Off the cost and expense for which the special assessment has here- tofore been levied for said improvement the Mayor a~ D~rector of F.inance be and they are hereby authorized to issue?,40~0Ods of the Cxty of Lakewood, Ohio, in the aggregate~R~ ~n~s ~a ~he d~o~flation following denominations u ' i ---' " t of one o11= ef FiVe H~red Doll.s {~00.00) ea~, ~d One ~ond tn ~ ~enomination 9f Fo~ H~dre~ ~d F~ve Doll.s ($~0~.00} mat~ ser~ly, ~o~ N~. I $~00.00 Octo~r Xst, 1925 Bond No. ~ $%~.00 October 1st, $1000.00 October Xst, 192~ Bond No, ~[ ~Bond No · Bond NO. ~ Bond NO, Bond N0. ? Bond No · Bond N~. 9 Bonds NOS. 10 and 11 $ oo.oo $1000o00 $ oo.oo $1000.00 $ oo.oo $X'O00.O0 $9o5.oo October 1st, 1929 Corotar 1st, 1930 Octbber 1st, 1931 October 1st. 1932 OC~o~er 1st, 1934 October 1st. Which maturities ~re hereby determined to be in subst$i~lly equal annual amounts, with interest ~hereon at th~ rate of per ce~tum per annum, payable semi-annually onApril 1st and October 1st each year until all of the said bonds have been duly paid and retired~. and shall be payable,both principal and interest, at the office of the Director of Finance of 'the City of LaSsoer l~dl~2~ds so authorized to be_issued shall be dated· and shall be signed slud'sold by said officers as provided by law, and the proceeds t~i~reof, except premium, accrued.interest and the ~ary for interest until the first half of ~n~ount ne~ ~, ~nam~ ce app±ied to the payment of the ~ne year ~ are avo~^ - -~ .... the taxes for cost and expense Of said improvement as aforesaid', and to no other purpose whatsoever~ The full faith, credit and revenues of the City of La~ewood, Ohio, are hereby pledged to the pmyment' of smid bonds and' the interest thereon. If before the sale of said bonds any of the o~ners of said property shall pay their total assessment in cash the aggregate s~m in bonds to be issued shaI1 b~ r~duced by deducting the amount so paid in cash from the total amount of the fund to b~ providsd, and tlie bonds issued shalI be reduced in amount or denomination, or both. so as to provide for a substs~utially equal amount maturing each year~ :Section 2: That said ~nnual payments of said assessments and all por- tions thereof ~nd ail interest thereon shalZ be applied to the payment of said bonds and t~ie interest thereon as the same shall bec~me due, and to no other purpose whm~soever. Section 3: That fon the purpese of providing funds in ~n'amoUnt sufficient to pay the interest on said serial bonds and to p~ovide a fund for ~He finaI ~edemption of said bonds, there stL~ll ~e and is hereby levied upon all the real and personal proper~y in the City