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~~ 7° / pz <br />,. „y <br />2 <br />Section 6: All assessments co]lected for the improvement aforesaid, and <br />any unexpended balance remaining in the improvement fund after the costs and <br />expenses of said improvement have been pe-id~ shall, be applied to the payment of <br />said notes and the interest thereon anti]. both are fully provided for. <br />Section 7; Subject to the re~ectian of such notes by the Director of Finance <br />for investment ix1 the Bond R+atirement ~sd, su,ch notes shall be sold by the <br />Director of Finance at private sale at_an interest rate not in excess of that <br />specified i.n Section ~+. The p~rooeads from such sale, except any premium and <br />accrued interest, shall be paid into the proper fund and used for the purpose <br />aforesaid and for no other purpose. Any premium and accrued interest shall be <br />deposited in the Bond Retirement Fund. <br />Section 8: Said notes shall. be the full general. obligations of the City and <br />the full faith, credit and revenue of said City are hereby pledged for the prompt <br />payment of the same. The par value to be received from the sale of the bands <br />anticipated by said notes and away excess funds resulting from the issuance of said <br />notes shall to the extent necessary be used only for the retirement of said notes <br />at maturity, together with interest thereon, and is hereby pledged for such purpose. <br />Section g: In the event that such assessments are not levied or bands axe <br />not issued to pxc~Yide a fund for the payment of said notes at maturity, 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 forward a certified <br />copy of this ordinance to the County Auditor. <br />Section L1; This ordinance is hereby declared to be sn emergency measure <br />necessary for the preservation of the public peace, welfare and safety of this <br />City, and for the further reason that the immediate issuance and sale of the notes <br />herein authorized is necessary to provide Elands to construct said improvement <br />which is urgently required to permit sate passage by persons using said streets <br />and to eliminate existing hazards to pedestrians; wherefore, this ordinance shall <br />take effect and be in force immediately upon its passage and approval by the Mayor. <br />Passed: ~~~„ ~ / , 1970 <br />Attest ; /~' <br />Nora T. Hi , e o Counci ~ _ _ <br />ar ..~.~.,..~, <br />Approves : /.Z/i /T ~ <br />s , ~r <br />~...-~-.L /..2 9-70 <br />~nG~~ ,~ -9-70 <br />