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Finance is hereby authorized and directed to deliver the Note, when <br />executed, to Central National Bank upon payment of the par value and <br />accrued interest to the date of delivery. The proceeds of such sale <br />shall be paid into the proper fund and used for the purpose for which <br />the Note is being issued under the provisions of this Ordinance. Any <br />premium and accrued interest shall be credited to the Bond Retirement <br />Fund to be applied to the payment of the principal of and interest on <br />the Note in the manner provided by law. <br />Section 5. That the faith and credit of the Village are <br />hereby pledged for the payment of the principal of and interest on the <br />Note at maturity, in accordance with the Constitution of the State of <br />Ohio, the laws of the State of Ohio, the Charter of Mayfield Village, <br />Ohio and the Codified Ordinances of Mayfield Village, Ohio, 1979, as <br />amended. <br />Section 6. That the par value to be received from the sale of <br />the Bonds and any premium or accrued interest resulting from the issu- <br />ance and sale of the Note shall, to the extent necessary, be used only <br />for the retirement of the Note at maturity, together with interest <br />thereon, and are hereby pledged for such purpose. <br />Section 7. That, in the event that said special assessments <br />are not levied. or the Bonds are not issued to provide a fund for the <br />payment of the Note at maturity, then, without relieving the Village of <br />any other obligation, a general ad valorem tax shall be levied against <br />all of the taxable property in the Village for the payment of the Note <br />and interest thereon; provided, that, during the period while the Note <br />runs, there shall be levied on all the taxable property in the Village, <br />-4- <br />