0926 Ordinance - Laserfiche WebLink

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r and in preference to all other items and far the full amo~mt thereof. The funds derived from said tax levies hereby required, shall be placed in a separate and distinct fund, tirhich, to;~;ether with in interest collected on the same shall be irrevocably pledged for 'the .payment of ~rinci?~a1 and interest of said bonds when and as the same fall due. Section L,.. The Clerk is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyaho;a County, Qhio, accordinM to law. Section 5. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and to no other nurr;ose whatsoever. In the event that the amount of bonds required to be issued for said improvement shall be reduced by the cash payment by the r~roperty owners in accordance with the option included in the assessing; ordinance, such reduction shall be accom~:lished by reducin? all_ of the serial bonds hereinabove provided for so as to retain substantially equal annual maturities. Section 6. The Clerk is hereby directed to have said bonds and coupons properly prepared and executed, to sell the same and to deposit the rroceeds i.n the City treasury to the credit of the ~~IcKenzie load Rio . 1 v~J~ater Improvement ri'und for the purx-~ose of r~ayin~~; the cost of said improvement not her~tofor. e provided to be paid by said Cit3r and for which z ur~;ose said money is hereby apr~ropriated. Section 7. That said Bonds sha11 be first offered a.t Dar and accrued interest to the Treasurer and Of_f_icer in charMe of the Sinking; Fund and if. said Treasurer or Officer refuses to take any or all of said ~3onds then said r3onds not so taken shall be advertised for public sale and sold in the manner ?.rovided by law but for not less t~jan the par value and accrued interest.