0921 Ordinance - Laserfiche WebLink

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before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required, shall be placed in a separate asd distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest of said bonds when and as the same fall due. Section 4. ,The Clerk is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according 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 purpose 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 property owners in accordance with the option included in the assessing ordinance, such reduction shall be accomplished by reducing 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 proceeds in the City treasury to the credit of the Lessner Road Water Improvement Fund 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 appropriated. Section 7. That said Bonds shall be first offered at par and accrued interest to the Treasurer and Officer in charge of the Sinking Fund and if said Treasurer or Officer refuses to take any or all of said Bonds then said Bonds not so taken shall be advertised for public sale and sold in the manner provided by law but for not less than the par value and accrued interest.