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-2- <br /> <br /> Section 5. All assessments collected for the improvement <br />aforesaid, and any uncxpended balance, remaining ~.n the improvement fund <br />after the costs and expenses of said improvements have been pa~d, shall <br />be applied to the payment of said'note and the interest thereon until both <br />are fully provided for. <br /> <br /> Section 6. That said note shall first be offered to the D~rector <br />of Finance for investment in the Bo~d Retirement Fund, anU if not taken by <br />said officer shall be sold by him at private sale for not less than the par <br />value thereof in accordance with Section 4 of this ordinance; and the <br />Director of Finance is hereby authorizcd and directed to deliver said note, <br />when executed, to the purchaser upon payment of such purchase price. The <br />proceeds of such sale shall be paid into the pr~er fund and used for the <br />purpose for which said note is being ~ssued under the provisions of this <br />ordinance. ~ ~ <br /> <br /> Section 7. Said note shall be tlhe full general obligation of the <br />City of Lakewood and the full faith, credit and revenue of said City are <br />hereby pleUged for the prompt payment of the same. The par value to be re- <br />ceived from the sale of the bonds 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 8. In the event that such assessments are not levied <br />or bonds are not issued to,provide a fund for the payment of said note at <br />maturity~ a general tax shall be levied against all of the property in said <br />City for the payment of such note and the interest thereon. <br /> <br /> Section 9. 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 10. That this ordinance, 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: <br /> <br />Approved: <br /> <br /> .....~,,,., ., / ~, ~ ~" <br />~//L..,r~.L.;>" . / . <br /> <br /> Mayor <br /> <br />Pre~ixdJent of Cou'Bcil ' <br /> <br /> /.4-., .,',~..~.".x,,-;x_....r...{. ..- <br />Clerk of Count <br /> <br /> <br />