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!! ??f <br />? Sec. 5. Such note shall be executed by the Mayor attd Village Clerk and <br />? bear the seal o£ the corporation. It shall be payable at the office of the. <br />? Treasurer of the Village of rIayfield, 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 aEoresaid 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 so F4uch of the same as shall not be <br />taken by said fund shall be sold at private sale by the Village Clerk for not <br />less than par and accrued interest, and the proceeds from sueh sale, except <br />any premium and accrued interest thereon ( and the amount thereof necessary <br />for the payment of interest prior to the maturity of said note), shall be paid <br />into the proper fund and used for the purpose aforesaid and for no other purpose, <br />and for which purpose said money is hereby appropriated. Any premium and accrued <br />interest ( and the amount necessary for the payment of interest prior to their <br />maturity) shall be transferred to the Bond Retirement Fund to be applied in the <br />payment of principal and interest of said note in the manner provided by law. <br />Sec. 8. Said note shall be the full general obligations of the Village <br />and the full faith, credit and revenue of said Village are 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 u§ed only for the <br />retirement of said note at maturity, together with interest thereon, and is <br />hereby pledged far 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 payTment of said note at maturity, a <br />general tax shall be levi.ed against all of the property in said Village for <br />the 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 neasure, <br />necessary for the immediate preservation of the public peace, health and safety <br />of such Village by reason of the fact that it is necessary to complete said <br />improvement during the present season, and said ordittance shall go into <br />immediate effect upon its passage. <br />passed this 15th day of February, 1965. <br />i _ <br />? Attest: <br />riayor - President of Council <br />I 7? -4 <br />I (SEEII.) k