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r'~ 7/-~~ <br />- 2 <br />Section 7. Said notes shall be the full general obligations of <br />the City and the full faith, credit and revenue of said City 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 air excess funds <br />resulting from the issuance oP 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 />Section 8. Daring the year or years while such notes run there <br />shall be levied on all the taxable property in said City, in addition to all <br />other taxes, a direct ta'x asmaally not less them that which would have been <br />levied if bonds had been issued therefor wit~aut the prior issue of said <br />notes. Said tax shall be sled is hereby ordered computed, certified, levied <br />and extended upon the tax dt~licate and collected by the same officers, in <br />the same manner and at the same time that taxes for ger~ral purposes for <br />each of said years are certified, extended and collected. Said tax shall <br />be placed before and in preference to all other items and for the full amount <br />thereof. The fuels derived from said tax levies hereby required shall be <br />placed in a separate and distinct f"gnd, which, together with the interest <br />collected on the ease, shall be irrevocably pledged for the payment of the <br />principal and interest of said notes or the bonds in anticipation of which <br />they are issued when and as the same falls due. <br />Section 9. The Clerk is hereby directed to forward a certified <br />copy of this ordinance to the County Auditor. <br />Section 10. This ordinance is hereby declared to be an urgency <br />measure necessary for the pxeservation of the public peace, welfare and <br />safety of this City, and for the further reason that the immediate issuance <br />and sale of the notes herein authorised is necessary to provide ftiinds with <br />which to acquire the real estate and building thereon for the use of the <br />Service Department sad Safety Department of the City and thereby protect the <br />health and safety of the inhabitants of this City; wherefore, this ordinance <br />shall take effect and be in force immediately upon its passage and approval <br />by the Mayor. <br />PASSED: <br />ATTEST: ~~~~ /. ~,i~~c..C~ <br />Clerk of Council <br />APPROVED: G~/,~ <br />Mayor <br />Q~ ~I ~lJ~ <br />Pres dent o cil <br /> <br /> <br />