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-2- <br /> <br /> Section 5. That such notes shall be executed by thc'Mayor and <br />Director of Finance and bear thc seal of the corporation, shall be payable <br />at the main office of Society National Bank of Cleveland, Cleveland, Ohio, <br />and shall express upon their faces thc purpose for which they are issued <br />and that they are issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement afore- <br />said, and any unexpended balance remminir~ in the improvement fund after <br />the costs and expenses of said improvement have been' paid, Shall be applied <br />to the payment of said notes and the interest thereon unt~both are Ikully <br />provided for. <br /> <br /> Section 7. That subject to the rejection of said notes by the <br /> Director of Finance for investment in the Bond Retirement Fund, said notes <br /> shall be and are hereby awarded and soldto Society National Bank of Cleve- <br /> land, Cleveland~ Ohio, at not lest than the par value thereof; and the <br /> Director of Finance is hereby authorized and directed to deliver said <br /> notes, when executed, to the said purchaser upon payment of the purchase <br /> price. The proceeds of such sale shall be paid into the proper Ihn~d and <br /> used for the purpose for which said notes are being issued under the pro- <br /> visions of this ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligations of <br />the City of Lakewood and the full faith, credit and revenue of said City are <br />hereby pledged for the prompt payment of the s~me. The par value to be <br />received from the sale of the bonds anticip~bed by said notes and any excess <br />funds resulting from the issusmce of said notes shall to the extent necessary <br />be used only for the retirement of said notes 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 ikuud for the payment of said notes at <br />maturity, a genera& t~x sha~l be levied against all of the property in said <br />City for the payment of such notes and the'interest thereon; provided, however <br />that during the year or years while such notes run there shall be levied on <br />all the taxable property in said City, in addition to all other taxes, a <br />direct tax annually not less thmu that which would have been levied for the <br />City's portion of said notes,~if bonds had been issued therefor without <br />the prior issue of said notes. <br /> <br /> S~id tax shalI be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in the <br />same manner and at the same time that taxesfor general purposes for each of <br />said years are certified, extended and collected° Said tax shall be placed <br />before and in preference to all other items and for the fulI amount thereof. <br />The lknuds derived from said tax levies hereby' required shall be placed in a <br />separate and distinct Fund, which, together with the interest collected on <br />the same shall be irrevocably pledged for the payment of the principal and <br />interest of said notes or the bonds in anticipation of which they are issued <br />when and as the same fall due. <br /> <br /> Section 1O. The Clerk of this Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. Thgt this ordinance, having been declared to be an <br />emergency measure, shall be in ~ull force and effect from and immediately <br />after its passage and approval by the M~yor. <br /> <br />.P~ssed: <br /> <br />July 21, 1969 <br /> <br />July 21, 1969 <br /> <br />Approved: <br /> <br /> ~Tt o~/~/~ c~/ <br /> ~ ~ C~erk o/~/~~~'~ <br /> <br />Mayor <br /> <br /> <br />