0934 Ordinance - Laserfiche WebLink

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and in preference to all other items and for the full amoeznt thereof. The funds derived .from said tax levies hereby ref~uired, shall be placed in ~ separte and da.stinct funa, which, ta~eths~r with the interest collected an the same s~~all be irrevocably pledged for the payment of rrincira_1 and interest of said bonds when and as the same fall due. Section ~.. The Clerk is hereby authorised and directed to certify a copy of the ordinance to the Auditor of Cuyahoga County, Ohio, according to le.w. Section 5. That all installments of said assessments and all r~ortions thereof, together with interest thereon, shall be applied to the payment of said ponds and interest as the same shall uecome due and to na other r~urrose whatsoever. In the event that the amount of bonds reauired to be issued for said improvement shall be reduced by the cash payment ~~~y the property owners in accordance with the o?~tion included in the assessing; ordinance, such reduction shall be accom~^lished by reducing all of the serial bonds hereinabove rrovided far so as to retain substantially er~ual annual maturities. Section 6. The Clerk is hereby directed to have said bonds and coupons properly r_.repared and executed, to sell the came and to deposit the rroceeds inT-he City treasury to the credit off' the Porter Road eater Improvement r'und for the purpose of paying the cost of said improvement not heretofore provided to be paid by said City and for which purpose said money is hereby apr;ropriated. Section 7. That said Bonds shall. be first offered at, par and accrued interF~st to the Treasurer and Officer in ehar~e of the Sinking Fund and if said Treasurer or Officer refuses to take any or all of said i3onds then said 3onds not so taken sh,~l1. be advertised for public sa~_e and sold in the manner provided by law but for not less than the par value and ae~rued interest.