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Section 6. All assessments collected for the i~provement aforesaid, and aK.' <br />unexpended balance remaining in the improvement fund after the costp~iand expenses of <br />said improvement have been paid~ shall be applied to the pa~uent o~'said note and th~ <br />interest thereon until both are fully provided for. <br /> <br /> Section 7. Subject to the rejection of said note by the Director of FinaD, <br />for investment in~e 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, 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 /> Section 8. Said note shall be the full general obligation of the City of <br />Lakewood and the f-~ll 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 /> Section 9. In the event that such assessments are not levied or bonds are <br />not issue~ 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 payment of such not~ <br />and the interest thereon~ provided~ however~ that durin~ 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 withou~ <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 />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 payment of the principal and interest of said note or the bonds in anticipat~ <br />of which they are issued when and as the same fall due. <br /> <br /> ~ect~ign...l~.o The Clerk of this Council is hereby directed to forwa~d.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, s~all be in full force and effect from and immediately after its passage <br />approval by the Mayor. <br /> <br />Passed: J_ul¥3_~_l._9_6~ ....... ~ahaxl~~fu_H~f~a~,~Jr ....... <br /> President of Council <br /> <br />Approved: <br /> <br />July 3, 1967 <br /> <br />Grace Reynolds <br /> Clerk of Council <br /> <br />Robert M, L~wther <br /> Mayor <br /> <br /> <br />