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. 1 <br />3 _. <br />-2 <br />7/•/70 <br />Sectiar 6: All assesem~tts co]lected for the itsprove~ent aforesaid, sad <br />any uue~~taded ba,Lsnce r+®msining is the improvnt Read sifter the casts and <br />escpeases of said i~eprvvament 1-S~ been paid, shall be applied to the t of <br />said notes atad the interest thereon until both are i'a.1Ly pro~rided for. <br />5ectiar 7: Subject to the refection of such sofas by the Director of Finance <br />for 3.nv~esiesent in the Bond T~'titt Feed, such notes shall. be sold by the <br />Di.rectoar of Finance at lrriwate sale at an interest rate nvt in excess of that <br />specified iu Section ~+. T~ praseeds Iran sash se7~e, exaserpt ~Y' prmuffi and <br />accrwed interest, shall be paid into the proper fund and used ftar the purpose <br />aforesaid and for no other purpose. A~'ty premium and accrued interest shs,].1. be <br />deposited i.n the Bond Retirement Fund. <br />Section 8: Said notes shall be the ftLll genera]. obligations of the City and <br />the full faith, credit and revenwe of said City are hereby plc for the prarpt <br />payment of the saeae. The par Ta7.ue to be received from the sale of the beads <br />anticipated by said notes seed sar~y' excess Hands resulting t'rom the issuance of <br />said notes shall. to the extent gecsseary be used aaly tour the yeti , t of said <br />notes at maturf.ty, together with interest thereon, and is hereby pledged for suoh <br />purpose. <br />Section 9: In the event that such s~ssessnenta ere not levied or bonds are <br />not ,iostred to ~ovide a fiend for the payment of said notes at smturity, a general. <br />tax shall be levied against all of the property in said City for the payment of <br />such notes and the interest thereon. <br />Section 10: The Clerk of Council is hereby directed to forwexd a certified <br />copy of this ordinance to the County Auditor. <br />Section l1: 7~is ordinance is hereby declared to be an emergency <br />necessary for the preservatiar of the public peaee~ welfare and safety of this <br />City, and for the farther reason that the mediate issuance and sale of the <br />nortes herein authorized is necessary to provide funds with which to ratix+e s <br />presently outstanding note and ther~y protest the credit of this City; wherefore, <br />this oocdinetnce shall 'take ePPect and be in force immediately upon its passage <br />and apparoval by the I~yor. <br />Passed: /i~~ ~ - , 1971 <br />Attest; <br />ore , e Dune <br />Francis J. 0 i o c~unc <br />Approved: ,~.7~~7/7~ <br />~*'1. <br />s ~ <br /> <br />