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-2- <br /> <br /> Section 5. That such notes shall be executed by the'Mayor and <br />Director of Finance and bear the seal of the corporation, shall be p~jable <br />at the main office of Society National Bank of Clevclm~d, Cleveland, Ohio, <br />and shall express upon their faces the purpose for which they are issued <br />and that they are issued pursuartto this ordJmance. <br /> <br /> Section 6. Ail assessments collected for the improvement afore- <br />said, and anyunexpended balance remaining in the improvmnent fund after the <br />costs and expenses of said improvement have been paid, shall be applied to <br />the payment of said notes and the interest thereon until both are fully <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 a~rdedand sold to Society National Bank of Cleve- <br />land, Cleveland, Ohio, at not less than the par value thereof; and the <br />Director of Finance is hereby a~thorized and directed to deliver said notes, <br />when executed, to the purchaser upon payment of the purchase price. The <br />proceeds of such sale shall be paid into the proper fund and dsed for the <br />purpose for which said notes are being issued under the provisions of this <br />ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligations of the <br />City of Lakewood and the full faith, credit and revenue of said City are hereby <br />pledged for the prompt payment of the same. The par v~lue to be received from <br />the sale of the bonds anticipated by said note and any excess funds resulting <br />from the issuance .of said note shall.to the extent necessary be used only for <br />the retirement of said note at maturity, together with interest thereon, and <br />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 progide a fund for the payment of said note at maturity, <br />a general tax shall be levied against all of the property in said City for the <br />payment of such note and the interest thereon; trovided, however, that during <br />the year or years while such nOte runs there sh~ll be levied on all the taxable <br />property in said City, in addition to all other taxes, a direct tax annually <br />not less than that which would have been levied for the City's portion of <br />said note, if bonds had been issued therefor without the prior issue of said note. <br /> <br /> Said tax shall 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 taxes for general purposes for each of <br />said years are certified, extended and collected. Said tax shall be placed <br />before amd in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fkmd, 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 10. The Clerk of this Council is hereby directed to forward <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. That this ordinance, having been declared to be an emergency <br />measure, shall be in full force and effect from and immediately after its passage <br />and approval by the M~yor. <br /> <br />Passed: July 21,,19~9 <br /> <br />Approved: July 21, 1969 <br /> <br /> ~ident of C?u~il/ Clerk of CoMcil <br /> <br />· Mayor ~ <br /> <br /> <br />