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<br />ORIJ:rIWICE 110. 43.69 BI Mr. Tyler
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<br />AIi: OIUJINANCE authorizing the Mayor and JJ1:rectcr of Finatice to borrow money and
<br />1eeue notes in (U>tic1pation of the levy of.pec1el á.seeemento and or the i.euance
<br />pt· b<mds in !U}£1c:l.pation ef the Cpllection thereot, tor the :Improvement of Woød-
<br />ward Avenue from 1Iill1erd Road to Seneca Avenue by rseurfeo1ng s'""" with sheet
<br />asphalt or aaphal 101.. concrete and ·ðoing "'0/ arid all grading, draining and our bing
<br />-or ~er ~.:r.k n&cessary thereto.
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<br />1/IJEREAS.tb" Directcr of .FinI\noe ha¡¡ cert11'ied tp this Council M ~vided by
<br />a.ction 22')-lÓ of the. (Jene"'ll Oode, thet the e.tirœted lif. of the improvement
<br />he~ter ref. erred. to eJt¢eeda five. (5.) ~s and tMt the IJJIIX1JnuI!l maturity of
<br />the notes hereinA.fter referred to is two \2) lI""",e, 1md.
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<br />Wl!E!ŒAS. t~ eounQil ".t:lme.tes and dat~$;I that the levy of epooial àseesements
<br />for I3eid ~_nt, hereinafter spec1i'ied, 1iUl be ~ arid that the bondo will
<br />be iseued in .an101òipation of the '1ollsctiøn (Of epeciaJ. áSsesemento prier to the date
<br />of ""'Writ;'( of the notes he:r~er suthcrillod in or~ to páyee1d notes at
<br />maturity as provided b;r lA1.1vJ b, thereforeJ
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<br />;BE IT ORDAINED BI '¡m;, CCUÍtJI¡, OF $ GIn OF XJlìŒ1'JOO)}, ¡¡TATE OF OHIOI
<br />
<br />Seotion 1,'I.'¡¡s,t it i. <loomed and <Ioolared !lede..ery to Ì>Ol'1'OIrin the aggregate
<br />.1.1111 of Ei!;ht Thou.safid Dallare ($6.00Q,OO) end the ~r and Direct.or of F:ti1ance
<br />are hareb;r Mthori$ed andllireo:ted to borrow such. aum and to 1eeue a note or notes
<br />of the ~ty òf ~ewood in øe;td: -principal Bun of Ei¡¡M Thousand !Jol.J.ers (~8,ooo,oo).
<br />in AAticipetion of the levy of .paoial áS.e....enta £nd the i..uance Of bonde !III
<br />provi<ied by law. perticulerly;.ureuant to and ill full oanpliance with the llnif_
<br />Bond Act. in order to p:rovid.e a f'1Ind with mich to pay tha property owner.' shere
<br />or the cos t and expeose or improving Woodvmrd A véwe from Hil1ierd ¡¡ç,ad. to Seneca
<br />Á\'?nue by re.1U'1'acing asme in the menner provided for in the re$Olutiond.òclaring ,
<br />~ necessity of said impro'V1>nlent and the ordi""nçe <Iotemining to proceed the_tho
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<br />Seotipn 21 That esid note I;1r notes shell be executed. <UId delivs;red in such ~
<br />and in 811ch denominations as ¡¡¡ay œ deteJ:l11ined neoessery not exoeeding the aggre-
<br />gate said Sum ot·E1¡¡µt ThouSånd Dollars ($8,000.00) and shell 'be designated "City
<br />of Lakewood ~ Woodward Avenue !leS1U'!s.c1ng liote".ha,U be dated Augu.t 1, 19l¡;¡J
<br />sha,U CÙ'1!Ii interest at the rate of 'fw .Percent (2%) perai'nUm, payable. semi.
<br />annuaily on the first day of April and October of eaeh yearJ shell ha,ve interest
<br />cou1»nsto be att04hed to esid note pr note., bearing the si~..ture of the Director
<br />of Finance I\!ld shell be due 011 or he.fore the firat duy or Angust 19115,
<br />
<br />Section.31 Said note or noteo Shell be prepared in the f01'!Jl directed Þy the Directoi'
<br />of. Làw, eha,Ube signed by the Ila",r end Director of Finanoe and o6'Ùed with the
<br />Ma",r'sseal, .hell ""Press upon their :r"ces the purpose for 'Wh1ch they are ise",,1I
<br />and thet they are. is8'ued pu:rsuerit to 1!11d in oompl1!U}ee Jti. th the Vniform Bor¡d Aot end
<br />the proviaions 0;1: this ordinance !\nd ehell bo peyable, both prineipaJ. snd inte:rest at
<br />the offics of the L'1rector of J1inMce. Lakowoâd City Hell, ~ewood, Ohio.
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<br />section 4. 'l.'¡¡s,t the money .0 borrowed. on said notes. eXoapt ¡>~UI!I and Merued
<br />inte....t. if any, _ .., sum to pay ths 1riterest ,on .aid notes prior to the iasnsnce
<br />of. Þands. shell be placed in the City 'l'r....ur¡r to the òredi 10 of tho Woodward Avenue
<br />R,:oeurtacing Fund. Said eum or money shell œ diebur.ed Upon proper voucher fo:!
<br />the purpose storesaid and for no other purpose. The þrem1U!11 and aecrued 1riterest,
<br />i£.any) andan.alUO\Ult sut'ficient to påy' the interest Upon said noto, 01: notes,
<br />prior to the issuance of bonds as herein provided. sha,ll be transtemd to the
<br />Sinking Fund Truetees to be applied by them in eccordance with law.
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<br />S.,.tioo.!>. The proceeds of bonds hereby determined to be. i.sued in IU1tiçipation
<br />of the colleotion of assessments tor said :tmproV'elJ'lßlit and all cí the .a.ssÐssrru;mts
<br />collected for ea;td: improvement shell be ..¡¡plied to the pa,'/J11ent of the note. and
<br />interest thereon until both are f'uliy paid snd the...A.ftor said!llleessments .hell be
<br />applied to the paymm t of said bonde and inte""st thereon.
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