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payable at the office of the .b:~ecc~.r · .... nancc, ~,y Hall, Lakewood, Ohio~ <br />and shall express u. pon its face the ~rpose for wbic.h it is issued ~d that <br />it is issued p~su~rt to this ordinance. <br /> <br /> Section 6. Al! assessments collected fo~ ~he ~nprovement aforesaid, <br />and any ~expended balance remaining in the improvement fund after the costs <br />and expenses of said improvements have been paid~ shall be ~pplied ~o the <br />payment of said note ~d the interest thereon ~til both are ~lly provided. <br />for. <br /> <br /> 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 and <br />hereby is awarded and sold to The Union Conzmerce Bank at the par value thereof; <br />and the Director of Finance is hereby authorized s~nd directed to deliver said <br />note, when executed~ to the lburchas~er upon payment of such purchase price. <br />The proceeds of such sale shall be paid into the proper x%nd and used for the <br />purpose for which said note is being issued under the provisions of this <br />ordinance. <br /> <br /> Secvion 8. Said note shall be the full. general obligation of the <br />Cityo~ Lakewoo~ ~nd the full faith, credit and reve~de o~ s~Td City are here- <br />by pledged for the prompt payment of the same. The par value to be received <br />from the sale of the bonds anticipated by said note and any excess fends re- <br />sulting fTom the issuance of said note shall to the extent necessary be used <br />only for 'the retirement of said note ~t maturity~ toge'~her with interest <br />thereon~ and is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that s~ch assessments are not levied or <br />bonds are not issued to provide a fund for the ps~aeut of said note at <br />maturity~ a geheral t~ shall be levied against all of the property in said <br />City for the pa~ent of such note and the in'retest thereon. <br /> <br /> Section lO. The Clerk of this Council is hereby directed to for~ard a <br />certified copy of this ordinance to the County Anditor. <br /> <br /> Section 11. That this ordinanc% baying been declared to be an emer- <br />gency measure, shall be in frill force and effect from ~d immediately after <br />its passage and approval by the Mayor, <br /> <br />Paesed: ...... P esi .ent of Council .... <br /> <br />Clerk of Council <br /> <br />Mayor <br /> <br /> <br />