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-2- <br /> <br /> Section 5. That such notes shall be execute(! by the Mayor and <br />Director of Finance and shall bear the seal of the corporation; shall be <br />payable at the office of the Director of Finance, City Hall, Lakewood, <br />Ohio or, at the option of the holder, at a bank in the City of Cleveland, <br />Ohio, designated by the purchaser; and shall express upon their Faces the <br />purpose for which they are issued and that they are issued pursuant to this <br />ordinance. <br /> <br /> Section 6. SubJect to the rejection of said not,by the Director <br />of Finance for investment in the Bond Retirement Fund, said notes shall be and <br />hereby are awarded and sold to Ohio Co. <br /> , at the par value thereof together with accrued <br />interest thereon, and the Director of Finance is hereby authorized and directed <br />to deliver said notes, when. executed, to the purchaser upon payment of such <br />purchase price. The proceeds of such sale shall be paid into the proper fund <br />and used for the purpose for which said notes are being issued under the pro- <br />visions of this ordinance. <br /> <br /> Section 7. 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 value to be received from <br />the sale of the bonds anticipated by said notes and any excess funds resultinE <br />from the issuance of said notes shall, to the extent necessary, be used Only <br />for the retirement of said notes at maturity, together with interest thereon, <br />and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such notes run, there shall be levied <br />on all the taxable property in the City of Lakewood, in addition to all other <br />taxes, a direct tax annually not less than that which would have been levied if <br />bonds had been issued without the prior issue of such notes. Said tax shall be <br />and is hereby ordered computed, certified, levied and extended upon the tax <br />duplicate and collected by the same officers, in the same manner and at the same <br />time that taxes for general purposes for each of said years are certified, ex- <br />tended and collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof. The funds derived from said tax <br />levies hereby required shall be placed in a separate and distinct fund which, <br />together with the interest collected on the same, shall be irrevocably pledged <br />for the payment of the principal and interest of said notes or the bonds in <br />anticipation of which they are issued, when and as the same falls due. <br /> <br /> Section 9. It is hereby determined and recited that all acts, condi- <br />tions and things necessary to be done precedent to and in the issuing of said <br />notes in order to make them legal, valid and binding obligations of the City of <br />Lakewood, have happened, been done and performed in regular and due form and <br />as required by law; and that no limitation of indebtedness or taxation, either <br />statutory or constitutional, will have been exceeded in the issuance of said notes. <br /> <br /> Section lO. The Clerk of this Council is hereby directed to forward 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, shall be in full force and effect from and immediately after its passage <br />and approval by the Mayor. <br /> <br />APproved:, <br /> <br /> ~ident of Coungil / <br /> Clerk of C~unci~? <br /> <br />Mayor <br /> <br /> <br />