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Sec. 5• Such notes shall be executed by the rTayor and Village Clerk <br />and bear the seal. of the corporation. They shall be p~able at the Office of <br />the Treasurer of the Village of P~layfield, Ohio; they shall express upon <br />their face the purpose for which. they are issued and that they are issued <br />pursuant to this ordinance. <br />Sec® 6® All assessments cold cted for the improvements aforesaid <br />and unexpended ba].?,nces remaining in the funds after the costs and expenses <br />of said improvements have been paid, shall be ~pli.ed 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 offerad 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 amow~.t thereof <br />necessary for the payment of_interest prior to the maturity of said notes), <br />s'nall 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 Retire® <br />meat Fund to be appLed in the payment of principal and interest of said notes <br />in the manner provided by law® <br />Sec. 8® Said notes shall be the ful.1. general obligations of the <br />Village and the full faith, credit and revenue of said Vi.]lage 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 ar~,y 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. In .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 shall be levied against all of the property in said Village <br />for the payment of such notes and the interest thereon. _ <br />Sec. 10. The village Clerk is I-~reby directed to forward a certified <br />copy of this ordinance to the County Auditor. <br />Sec, 11® This ordinance is hereby determined to be an emergency <br />measure, necessary for the inm-ediate preservatior_ 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 16th day of Apri.1, 1956. <br />Attest: <br />Approved <br /> <br />S rk <br />~~ ~ ~ ~~ <br />Mayor -President of~ouncil <br />