2687 - 27 Issue bonds to improve Woodward Ave

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ORDINANCE N0.2687 By l~r. ~.eJ.~ AN 0RDINA~NCE authorizing the ~[ayor and Director of Finance to ~ssue bonds in th~$sum of N]~e ~1~ ($ ~ .00 ) to provide a f~d for the p~ment of he cost and expense for ~cn the si~cta! aSses~en$ has ~ere~ofore ~een levied for the improvement of B~ IT ORDAINE~ by the Council of the City of Lakewcod, County of Cuyahoga, State of Ohio, three-fourths of all members elected thereto concurring:- section l: That to provide a fund for the paffment 5f the portion of the cost and expense for which the special assessment has ,heretofore been lev~ed for sa~d ~mprovement the Mayor ~.,nd Director of Finance be aD~l they are hereby authorized to issue~ bonds of the City of Lakewood~,. Ohio,. in the aggregate .~8t, he fol~lo~vtn~.danom~n, at~or,~ and matu~[t~es: ~ $168.00 200.00 RO0,O0 200,00 o~tol~r let, Octaber ~nich maturities are hereby determined to be ~n substantially equal annual amounts, with interest thereon at the rate of ~ psr centum per annum, payable semi-annually 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 Director of Finance of the City of A~kewo~d. Said bonds so authorized to be ~ssued shall be dated ~ ~ 1~ , and shall be s~gned and sold by said officers as provided by law, and the proceeds thereof,, except premium, accrued ~nterest and the amount necessary for interest until the first half of the taxes for the year~92~ are avail- able, shall be applied to the payment of the co~t and expense of said improvement as ~foresatd, and to no other purpose what- soever. The full faith, credit and revenues of the City of Lakewood, Ohio, are hereby pledged t9 the payment of said bonds and the interest thereon. If before the sale of said bonds any of the owners of said property.shall pay their total assessment in cash, the aggregate sum th bonds to be issued shall be reduced by deducting the amount so paid in uash from the total amount of the 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 mattering each year. Section 2: That said annual payments of said assessments and all portions thereof and all tnt'crest thereon shall be applied to the payment of said b~nds and the interest thereon as the same shall become due, and ~o ~o other purpose whatsoever.