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(6~,J) 1,~:,.' mmum, pnyable at ~,~turily, :;hall bc dca!cd thc cb~tc note issued hereunder; and shall be nu::~bercd consecutively eo~r:~cncinfl with No. 1. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal .of the corporation. They shall be payable at the office of the Director of Finance, City.Hall, Lakewood, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and shy unexpended balance remaining in the improvement fund after the costs ~ld expenses of said improvement have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7. Subject to the rejection of said notes by thc Director of Finance for investment in the Bond Retirement Fund, said notes Shall be sold at the par value thereof by the Director of Finance ~t an interest rate not exceeding that specified in this ordinance and in accordance with the best interests and welfare of thc City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued unde~ the provisions of this ordinance. The City covenants that .the proceeds of said notes shall not be invested or u~ed in such manner that any of Said notes would be "arbitrage notes" for purposes of Section 103(~) (1) of the Internal Revenue Code of 195~. Section 8. Said notes shall be the full general obligation of the City of Lakcwood and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the. sale of the bonds anticipated by said no,es and any excess funds resulting from the issuance o£ said notes shall to the. e×tent necessary be used only. for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the pay~nent of said notes at maturity, a general tax shall be levied against all of the property in said City for the payment of such notes and the interest thereon~ provided, however, that during the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said notes, if bonds had been issued therefor without the prior issue of said notes. Said tax shall be and is hereby ordered co~puted,-certificd, levied and extended upon. the tax duplicate ~ud collected by the same officers, in the same manner and at the s~ne time that taxes for general, purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The- funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the s~me shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds.in anticipation of which bhey arc issued when and as the smm. e fall duc, Section 10. The Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor.