2656 - 27 Issue bonds to improve Highland

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ORDINANCE NO. ~ AN OI~DINANCE authori:zing the I~iayor and Director off Finance to issue bonds tn the sum of ~9 ~h~$~ ~e E~d~e:~ ~. ~e~t~ ~e D~lla~$ ($ E,~ ) to provide a f~d for the p~ment of the cost and expense for ,~h[ch the s~c[al assessment has heretofore been levied for the improvement of ~h~ ~d 2~e~ $~ ~E IT 0BDAINE~ by the Council of the City of Lakewood, county of Cuyahoga, State of Ohio, three-fourths of all members elected thereto concurring:- Section 1: That to provlde.a fund for the payment of the portion of the cost and expense for which the special assessment has heretofore been levied for said improvement the l[ayor and Director of Finance be and they are hereby authorized to issue Xl bonds of the City of Lakewood, Ohio, in the aggregate sum of $ ~,l&leOO .~n~t~e fol~o~iDg denominations ~d matur[ttes~ ~ ~l$~b~ O~ Which maturities are hereby determined to be. in substant~a!!y equal annual amounts, W~th interest thereon at the rate of £~YS {~} per centum per annum, pay_able semi-annaally on April 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 inter- est, at the office of the D~rector of Finance of the City of ~W~ ~ bonds so authorized to be issued shall be dated , and shall be s~gned and sold by said officers as provided by law, and the proceeds thereof, except premium, accrued interest and the amount necess~r.y~or interest until the first half of the taxes for th8 year A~mYare avail able, shall be applied to the payment of the cost and expense of said improvement as aforesaid, and to no other purpose what- soever. The full faith, Credit and revenues of the City of ~akewood, Ohio, are hereby pledged t9 the payment of said bonds and the interest thereon. If before the sale of ~atd bonds any of the owners of said property shall pay their total assessment ~n cash, the aggregate sum ih bonds tn be ~ssued shall be reduced by deducting th~ amount so pa~d in Gash from the total amount of ~he fund to be provided, and the bonds issued shall be reduced in amount or denomination, or both, so as to provide for a sub- stantially equal amount maturing ouch year.. Gection 2: That sa~d annual payments of said assessments and all' portions thereof and all int~rest thereon shall be applied to the payment of said bonds and the interest thereon as the same shall become due, and to no other p~rpose whatsoever.