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Seca 5. Such notes shall be executed by the Mayer and Village <br />Clerk and e'~ar~ie.-seal of the corporation. They shall be payable at the <br />Main ¢ffice-of the National City Bank of Cleveland, Ohio; they shall express <br />upon their face the purpose for which they are issued and that they are issued <br />pursuant to this ordinance. <br />Sec. 6. All assessments-collected for the improvements aforesaid <br />and unexpend~ances remaining in the funds after the costs and expenses of <br />said improvements••have been paid, shall be applied to the payment of said <br />notes-and the interest .thereon until both are fully provided for. <br />Sec. 7. Said notes shall be first offered to the treasurer as <br />officer inTge-of-the Bond Retirement Fund, and so many of the-same as <br />shall not be taken by said fund shall be sold at private sale by the Village <br />Clerk for not less than par and accrued interest, and the proceeds from such <br />sale,_except anpr premium and accrued interest thereon (and the amount thereof <br />necessary for the payment of interest prior to~the maturity .of said notes), <br />shall be paid into the-'proper fund and used for -the- purpose aforesaid and for <br />no other purpose, and-for which purpose said money is hereby appropriated. <br />Any premium and accrued interest (and the amount necessax~r for the payment <br />of interest prior to their maturity) shall be transferred to the bond <br />retirement fund to be applied 3.n the pa~rment of principal and interest of <br />said notes- in- the- manner -provided by l.aw: • <br />Sec. 8. Said notes shall be the full general obligations of the <br />Village ane• ull faith, credit and revenue of said Village are hereby <br />pledged for the.. prompt payment of the same. The-par value to be received <br />from the sale-of the bonds anticipated by said notes-and. any excess fund <br />resulting from the issuance 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 />Sec. 9. Tn the-event that such assessments are not levied or bonds <br />are-not issue ~ provide a-fund for the payment of said notes at maturity, <br />a general tax outside of tax i;m;tations shall be levied against all of the <br />property in said Village for the payment of such notes- and the-interest thereon. <br />See. 10. The Village Clerk is hereby directed to forward a certified <br />copy of this rcbo~nance to- the=~ County Auditor. <br />See. 11. This ordinance is hereby determined to be-an emergency <br />measure, necessary for the immediate-preservation of the public peace, health <br />and safety of such Village by reason of the fact that it is necessary to <br />complete said improvement during the present season, and said ordinance shall <br />go into immediate -effect- upon its passage, • <br />Passed this 19th day of October, 1953. <br />Attest: <br />or - Presider of ounci <br />c~£',~ .a <br />SERI, `Clerk <br />