Just came to me, while walking outside, listening to "I Have Not Been To Oxford Town."
Leon is framed for the murder, or is accused of acting alone when he may have been an accomplice. Some lines could mean:
Toll the bell - Death imagery, perhaps signalling that Leon's fate is sealed. Leon knows he won't be getting out, for there is apparently some evidence found that links him to the murder. He knows that he can't be saved.
Pay the private eye; All's well - This could mean that since the police have him and apparently some evidence, that this case is solved in their eyes. They have the killer, so case closed and no one needs to worry anymore. Good job, Adler. (But, I don't imply that Adler believes that Leon actually did it.)
Twentieth century dies - Could be representational of Leon's love of the millennium , for he did "jump up on the stage." Since the millennium has passed, Leon is satisfied.
So, who did this? Who framed Leon? I think it was Ramona. In the second Adler segue, it says:
Ramona is so cold
When she broke it off with Leon,
She said "The ring is enough,
I don't wanna see this face again"
Apparently, something happened between Leon and Ramona to make her end their relationship. Since she doesn't want to see him again, she frames him for the murder of Baby Grace, which sends him to prison to possibly be executed; thus she would never have to see him again. She was cold, maybe meaning "cold-hearted", for she was willing to go this far to rid herself of Leon.
Or perhaps I've been watching too many shows about homicide on Court TV.
Do NOT make me LAUGH!