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Section 7. Subject to the rejection of said note by the Director of <br />Finance for investment in the Bond Retirement Fund, said note shall be sold <br />to Society National Bank of Cleveland at the par value thereof~ and the <br />Director of Finance is hereby authorized and directed to deliver said note, <br />when executed~ to the purchaser upon payment of such purchase price. The <br />proceeds of such sale shall be paid into the proper fund and used for the <br />purpose for which said note is being issued under the provisions of this <br />ordinance. <br /> <br /> Section 8. Said note shall be the full general obligation of the <br />City of Lakewood and the full faith~ credit and revenue of said City are here- <br />by pledged for the prompt payment of the same. The par value to be received fra <br />the sale of the bonds anticipated by said note and any excess funds resulting <br />from the issuance of said note shall to the extent necessary be used only for <br />the retirement of said note at maturity~ together with interest thereon~ and is <br />hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not levied or bonds <br />are not issued to provide a fund for the payment of said note at maturity~ a <br />general tax shall be levied against all of the property in said City for the <br />payment of such note and the interest thereon$ provided, however, that during <br />the year or years while such note runs there shall be levied on all the taxable <br />property in said City, in addition to all other taxes, a direct tax annually not <br />less than that which would have been levied for the City's portion of said note, <br />if bonds had been issued therefor without the prior issue of said note. <br /> <br /> Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the ssme officers, in the <br />same manner and at the same time that taxes for general purposes for each of sai~ <br />years are certified, extended and collected. Said tax shall be placed before <br />and in preference to all other items and for the full amount thereof. The funds <br />derived from said tax levies hereby required sh~ll be placed in a separate and <br />distinct fund, which, together with the interest collected on the same shall be <br />irrevocably pledged for the payment of the principal and interest of said note <br />or the bonds in anticipation of which they are issued when and as the same fall <br />due. <br /> <br /> Section 10. The Clerk of this Council is hereby directed to forward <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance, having been declared to be an <br />emergency measure, shall be in full force and effect from and i~mediately <br />after its passage and approval by the Mayor. <br /> <br />Passed: Amgust 9, 1965 <br /> <br />John Gaydos, Jr. <br /> President of Council <br /> <br />Approved: AUEUSt lO, 1965 <br /> <br />Mary Adams <br /> Clerk of Council <br /> <br />Robert M. Lawther <br /> Mayor <br /> <br /> <br />