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That such note shall be executed by the Mayor and Director of <br />Finance and bear the seal of the Corporation. It shall be pa~v~ble at <br />the office of the Director of Finances City Hall~ Lakewood~ Ohio~ and <br />shall express upon its face the purpose for which it is issued and that <br />it is issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement aforesaid~ <br />~nd any unexpended balance remaining in the improvement fund after the costs <br />and expenses of said improvements have been. paid~ shall be applied to the <br />payment of said note and the interest thereon until both are fully provided <br />for. <br /> <br /> Section 7. Subject to the rejection of said note by the Director <br />of Finance for investment in the Bond Retirement Fund~ said note shall be <br />and hereby is awarded and sold to : Union Commerce Bank <br />at the par value thereof; and the Director of Finance is hereby authorized <br />and directed to deliver said not% when executed~ to the purchaser upon pay- <br />merit of such purchase price. The proceeds of such sale shall be paid into <br />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. S~id note shall be t~ full general obligation of the <br />City mf Lakewood and the full faith~ credit and revenue of said City are <br />hereby pledged for the prompt payment of the same. The par value to be re- <br />ceived from the sale of the b~nds anticipated by said note and any excess <br />funds resulting from the issuance of said note shall to the extent neces- <br />sary be used only for the retirement of said note at maturity~ together with <br />interest thereon~ and is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund f~r the payment of said note at <br />maturity~ a general tax shall be levied against all of the property in <br />said City for the payment of such note and the interest thereon. <br /> <br /> Section 10. The Clerk of this Council is hereby directed to for- <br />ward a certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinanc% having been declared to be an <br />emergency measure~ shall be in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br />Passed: MaY 20, 1968 <br /> <br />Robert E. Wendling <br /> <br />~esident of Council <br /> <br />Approved: May 20, 1968 <br /> <br />Grace Reynolds <br /> <br />Clerk of Council <br /> <br />Robert M. Lawther <br /> <br />Mayor <br /> <br /> <br />