31-67 BAN - owners portion to improve certain streets

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and expenses of said impr0v~ments have been paid, shall be mppliedto the payment of seid note end the interest thereon until both are fullyprovided for. Section 7. Subject to the rejection of said note by the Director of Finance for investment in the Bond Retirement Fund, said note shall be and hereby is awarded and sold to National City Bank at thepar value thereof; and the Director of Finance is hereby authorized and directed to deliver.said no~e, when executed, to the purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the pro- visions of this ordinonce. Section 8. Said note shell be the full general obligation of the City of Lskewood and the full faith, credit and revenue of said City ere here- by pledged for the prompt payment of the same. Thep~r value to be received from the saleof the bonds anticipated by said note and any excessfunds re- sulting from the issuance of said note shall to the extent necessary be nsed only for the retirement of said note at maturity~ together with interest thereon, andis hereby pledged for such purpose. Section 9. In the event that such assessments ere not levied or bondaare not issued to provide a fund for the payment of said note at maturity, s general tax shall be levied against ell of the property in ssid~ City for the payment of such note and the interestthereon. Section lC. The Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. SectiOn ll. That this ordinance, having been declared to be an emerL gency measure, shell be in full force and effect from andimmediately after its passage and approval by the Mayor. Passed: Approved: May 15, 1967 May 15,1967 Charles S. Huffman, Jr., President of Council Grace Reynolds Clerk of Council M~yor