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Sec. 6. A17. assessments collected for the improvements aforesaid <br />and unexpen ed ua antes remaining in the funds after the costs and expenses <br />of 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. 7o Said notes shall be first offered to the treasurer as <br />officer in charge 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 any 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 necessary for the payment <br />of interest prior to their maturity} shall be transferred to the bond <br />retirement fund to be applied in the payment of principal and interest of <br />said notes in the manner provided by lawn <br />Sec. 8o Said note's shall be the full general obligations of the <br />Village and emu 1 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 thereor_, and is hereby pledged for such purpose. <br />Sec. 9. ~n the event that such assessments are not levied or bonds <br />are not issued .to provide a fund for the payment of said notes at maturity <br />a general tax outside of tax limitations shall be levied against all of the <br />ps°operty in said Village for the payment of such. notes and the interest <br />thereon. <br />Sec. l0a The Village Clerk is hereby directed to forward a <br />certified copy of this ordinance to the County Auditor® <br />Sec. 11. This ordinance is hereby determined to be an emergency <br />measure, necessary fox° 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 <br />shall. go into immediate effect upon its passage. <br />Passed this 15th day of T~arch, 195.0 <br />Approved: <br />E.~1 /,,.'--.r-- ~ 1. ~ / `~ ~;~~~ ~.~.~..~~ <br />ynr - President of ~ i~.nci <br />/ / <br />