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-2- <br /> <br /> Section 5. That such note shall be executed by the l~yor and <br />Director of Fin~uce and bear the seal of the corporation. It shall be payable <br />at the office of ~he_Di~e~tor of FSnance~ City-Hall, tA~ewood, Ohio, and shall <br />express upon its face the purpose for which it is issued amd that it is issued <br />pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement aforesaid, <br />~ud any unexpended balance ~emaining in the improvement fund after the costs <br />and expenses of said improvements have been paid, shall be applied to the pay- <br />ment of said note and the interest thereon until both are fully provided for. <br /> <br /> Sec$ion 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 The Union Commerce Bank, Cleveland, Ohio~ at the par value thereof; and <br />the 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 L~kewood and the full faith, credit and revenue of said City are here- <br />by pledged for the prompt payment of the same. The p~r value to be received <br />from the sale of the bonds anticipated by said note and any excess funds re- <br />sulting from the issuamce of said note shall to the extent necessary be used <br />only for the retirement of said note at maturity~ together with interest there- <br />on, and is hereby pledged for such purpose. <br /> <br /> Section 9. tn the event that such assessments ~re not levied or bonds <br />~re 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 <br />not less th~n that which wo~ld have been levied for the City's portion of said <br />note~ if bonds had been issued therefor without the prior issue of said note. <br /> <br /> Said t~x shall be and is hereby ordered cemputed~ certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in the <br />same manner and at the same time that taxes for general purposes for each of <br />said years are certified~ extended and collected. Said tax shall be placed <br />before and in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund, which~ together with the interest collected on the <br />same shall be irrevocably pledged for the payment of the principal and interest <br />of said note or the bonds in anticipation of which they are issued when and as <br />the same fall due. <br /> <br /> Section 10. The Clerk of this Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance, having been declared to be an <br />em~ergency measure, shall be in full force and effect from and immediately <br />after its passage and approval by the M~yor. <br /> <br />Passed:, <br /> <br />Approved: <br /> <br />Augus~ 1~ 1966 <br /> <br />President of CoUnCil <br /> <br />Reynolgs <br /> clerk of Council <br /> <br />Mayor <br /> <br /> <br />