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ORDINANCE N0. 72-9 Page 2 Section 6. Subject to the rejection of said note by the Treasurer for investment in the Bond Retirement Fund, said note shall be awarded and sold by the Clerk-Treasurer at an interest rate not exceeding that specified in Section 4 hereof; and the Treasurer is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of said pur- chase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this Ordinance. Section 7. Said note shall be a full general obligation of the Village and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess fund resulting from the issuance of said note shall, to the extent necessary, be used for the retirement of said note at maturity together with interest thereon, and is hereby pledged for such purpose. Section 8. During the period while such note runs, there shall be levied on all the taxable property in the Village of Mayfield, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such note. Said tax shall be and hereby is ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers;. in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued, when and as the same falls due. Section 9. The Clerk-Treasurer is hereby directed to forward a certified copy of this Ordinance to the County Auditor. Section 10. This Ordinance is hereby determined to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of said Village and for the further reason that the issuance of said note must occur at the earliest possible date so that the funds to be derived therefrom will be promptly available to the Village to pay the costs of the improvement and preserve the credit and funds of the Village; where- from, this Ordinance shall be in full force and effect from and immediately after its passage. Passed this 21st day of February, 1972. ~ ~~,, / _ L ~ ~S O Li/`~L/ ATTEST: Mayor- res'dent of Council i (Seal Clerk-Treasurer