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:i <br />Sec._5. Such note shall be executed by the Mayor and Village Clerk and <br />bear the seal of the corporation. It shall be payable at the office of the <br />Treasurer of the Village of Mayfield, Ohio; it shall express upon its face <br />the purpose for which it is issued and that it is issued pursuant to this <br />ordinance. <br />Sec. 6. All assessments collected for the improvements aforesaid and <br />unexpended balances remaining in the funds after the costs and expenses of said <br />improvements have been paid, shall be applied to the payment of said note and <br />the interest thereon until both are fully provided for. <br />Sec, 7. Said note shall be first offered to the Treasurer as officer <br />in charge of the Bond Retirement Fund, and if it is not taken by said fund, <br />it shall be sold at private sale by the Village Clerk for not less than par <br />and accrued interest, and the proceeds from such sale, except any premium and <br />accrued interest thereon ( and the amount thereof necessary for the payment <br />of interest prior to the maturity of said note), shall be paid into the proper <br />fund and used for the purpose aforesaid and for no other purpose, and for which <br />purpose said money is hereby appropriated. Any premium and accrued interest <br />(and the amount necessary for the payment of interest prior to their maturity) <br />shall be transferred to the Bond Retirement Fund to be applied in the payment <br />of principal and interest of said note in the manner provided by law. <br />Sec. 8. Said note shall be the full general obligation of the Village <br />and tn.e full faith, credit and revenue of~said Village is hereby pledged for <br />the prompt payment of the same. The par value to be received from the sale of <br />the bonds anticipated by said note and any excess fund resulting from the <br />issuance of said note shall, to the extent necessary, be used only for the <br />retirement of said note at maturity, together with interest thereon, and is <br />hereby pledged for such purpose. <br />Sec. 9. In the event that such assessments are not levied or bonds are <br />not issued to provide a fund for the payment of said note at maturity, a general <br />tax shall be levied against all of the property in said Village for the <br />payment of such note and the interest thereon. <br />Sec. 10, The Village Clerk is hereby 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 measure, <br />necessary for the immediate preservation of the public health, peace, safety <br />and wolf are of said Village and its inhabitants, and for the further reason <br />that the immediate issuance and sale of the note herein authorized is necessary <br />to enable the Village to enter into a construction contract to provide the <br />improvement described above, which is urgently required to eliminate perils <br />to pedestrians during the coming season, and said ordinance shall be in full <br />force and effect immediately upon the date of its passage. <br />Passed this 16th day of September, 1963: <br />Attest; <br />~~~'/r <br />(S AZ) ~~__--~~ Clerk <br />////~ <br />rlayor - President of Council <br />