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-2- <br /> <br /> ~e~io~n~6. All assessments collected for the improvement aforesaid~ a41d az. <br />unexpended balance remaining in the improvement fund after the costs and expenses of <br />said improvement have been paid.~ shall be applied to the pavement of said note and thc <br />interest thereon until both are fully provided for° <br /> <br /> Se~c_t~ion~7, Subject to the rejection of said note by the Director of Finan~ <br />for investment in the Bond Retirement Funds 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, to <br />the purchaser upon payment of such purchase price, The proceeds of such sale shall <br />be paid into the proper fund and used for the purpose for which said note iS being <br />issued under the provisions of this ordinance. <br /> <br /> ~e~c.~io~n_~. Said note shall be the full general obligation of the City of <br />Lakewood and the full faith~ credit and revenue of said City are hereby 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 /> Se_~c~.~p~n~. 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 pay~nent of such note <br />and the interest thereon~ provided~ however~ that drying the year or years while such <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 e~ud is hereby ordered computed~ certified levied and <br />extended upon the tax duplicate and collected by the s~e officers~ in the same <br />manner and at the same time 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 items and for the full amount thereof~ The funds derived from <br />said tax levies hereby required shall be placed in a separate and distinct fund, <br />which~ together with the interest collected on the same shall be irrevocably pledged <br />for the p~yment of the principal and interest of said note or the bonds in auticipat~ <br />of which they are issued when and as the same fall due. <br /> <br /> S~e~_c~io__n~_~O. The Clerk of this Council is hereby directed to forward <br />certified copy of this ordinance to the County Auditor. <br /> <br /> ~e__c_t,~.~.. That this ordinance~ having been declared to be an emergency <br />measure~ shall be in full force and effect from and t~nmediately after its passage and <br />approval by the Mayor. <br /> <br />Passed: July 3, 1967 <br /> <br />~es~ue~% o~ <br /> <br />Approved: July 3, 1967 ................ -Gr..ace~Ee.y.~3~o~l. ds.... ~.. <br /> u£er~ O~ ~ounci~ <br /> <br />Mayo~ <br /> <br /> <br />