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general purposes for each of said years are certified, eztsad•d and <br />collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof . The funds derived from <br />said tax levies hereby required, shall be placed in a separate and <br />distinct fund, which, together with the interest collected on the same, <br />shall be irrevocably pledged for the payment of principal and interest <br />of said bonds when and as the same fall due. <br />Section ~.. The Clerk is hereby authori$ed and directed to <br />certify a copy of this ordinance to the suditor of Cuyahoga County, <br />Ohio, according to law. <br />Section 5. That all installments of said assessments and all <br />portions thereof, together with interest thereon, shall be applied to <br />the payment of said bonds and interest as the same shall become due <br />and to no other purpose whatsoever. In the event that the amount of <br />bonds required to be issued for said improvement shall be reduced by <br />the cash payment by the property owners in accordance with the option <br />included in the assessing ordinance, such reduction shall be accomplish- <br />ed by reducing all of the serial bonds hereinabove provided for so <br />as to retain substantially equal annual maturities. <br />Secs 6. The Clerk is hereby directed to have said bonds <br />and coupons properly prepared and executed, to sell the same and to <br />deposit the proceeds in the City Treasury to the credit of the <br />Flehearty Road Water Improvement Fux~.d - X10 ,200.00 ; the Stearns Road <br />Water Improvement Fund - $30,400.00; and the Canterbury Road Water <br />Improvement Fund - $24,300.00, for the purpose of paying the cost <br />of said improvements not heretofore provided to bs paid by said City <br />and for which purpose said money is hereby appropriated. <br />;,~. Section 7. That said bonds shall bs first offered at par <br />,+ <br />and aecrned interest to the Treasurer and Officer in charge of <br />the Sinking Fund and if said Treasurer or Officer refuses to take <br />any or all of said bonds, then said bonds not so taken shall be <br />advertised for public sale and sold in the manner provided by law <br />but for not less than the par value and accrued interest. <br />-3- <br />,., . <br />..., i <br />