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Section 6. All assessments collected forthe improvement aforesaid~ and <br />uuexpended balance remaining in the improvement fund after the costs and expenses of <br />said improvement have been paid~ shall be applied to the payment of said note andth~ <br />interest thereon until both are fully provided for. <br /> <br /> Section ~o Subject to the rejection of said note by the Director of Finan~ <br />for investment in the Bond Retirement Fund~ said note shall be sold to The National <br />City Bank of Cleveland, Cleveland, Ohio, at the par value thereof~ and the Director <br />of Finance is hereby authorized and directed to deliver said note~ when executed~ <br />to the purchaser upon payment of such purchase price. The proceeds of such sale <br />shall be paid into the proper fund and used for the purpose for which said note is <br />being issued under the provisions of this ordinance. <br /> <br /> Section 8. Said note shall be the full general obligation of the City of <br />L~kewood and the full faith~ credit and revenue o£ said City are herebM pledged for <br />the prompt payment of the same° The par value to be received from the sale of the <br />bonds anticipated by said note and any excess funds resulting from the issuance of <br />said note shall to the extent necessary be used only for the retirement of said note <br />at maturity~ together with interest thereon and is hereby pledged for such purpose. <br /> <br /> ~e_c~n_~9~. In the event that such assessments are not levied or bonds are <br />not issued to provide a fund for the payment of said note at maturity~ a general tax <br />shall be levied against all of the property in said City for the pa~ueot of such not~ <br />and the interest thereon~ provided~ however~ that during the year or years while suc~ <br />note runs there shall be levied On all the taxable property in said City~ in additio~ <br />to all other taxes~ a direct tax annually not less than that which would have been <br />levied for the City's portion of said note, if bonds had been issued therefor without <br />the prior issue of said note. <br /> <br /> Said tax shall be and is hereby ordered computed~ certified~ levied and <br />extended upon the tax duplicate and collected by the same officers~ in the same <br />m~nner and at the same ti~e that taxes for general purposes for each of said years <br />are certified, extended and collected~ Said tax shall be placed before and in pre- <br />ference to all other item. s and for the full amount thereof~ The funds derived from <br />said t~x levies hereby reG~ired shall be olaced in a separate and distinct fund~ <br />which~ together with the interest collected on the same shall be irrevocably pledgeS~ <br />for the payment of the principal and interest of said note or the bonds in ~ntieipat~ <br />of which they are issued when and as the sa~e fall due. <br /> <br /> S_~c~t~o~n~. The Clerk of this Council is hereby directed to forward a <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance~ having been declared to be an emergency <br />measure, shall be in full force and effect from and immediately after its passage an~ <br />approval by the M~yor, <br /> <br />Charles S, Huffman, Jr. <br /> <br />~proved: July 3, 196'7 <br /> <br />Grace Reynolds <br /> <br />Mayor <br /> <br /> <br />