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I <br />r„ <br />? 2 ? ???. '*??i. <br />fram tnch sale, except any premium and accrued interest, shall be paid into the <br />proper f?Znd and used for the purpose aforesaid and for no other purpose. Any <br />premium and accrued interest shall be deposited in the Bond Retirement Fund. <br />Section 6: Said note shall be the full general obligation 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 bonds <br />anticipated by said note and any excess funds resulting from the issu.ance of said <br />note shall to the extent necessary be used only for the retirement of said note <br />at maturity, together with interest thereon, and is hereby pledged for such purpose <br />Section 7: In the event that such assessments are not levied or bonds are <br />not issued to provide a fund for the payment of said note at maturity, ageneral <br />tax shall be levied against all of the property in said City for the pa,yment of <br />such note and the interest thereon; provided, however, that dur3ng the year or <br />years while such note runs there shall be levied on all the taxable property in <br />said City, in addition to a11 other taxes, a direct tax annually not less than <br />that which would have been levied for the City's portion of said note, if bonds <br />had been issued therefor without the prior issue of said note. <br />Said tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers, in the same <br />manner and at the same time that taxes for general purposes for each of said years <br />are cert3.fied, extended and collected. Said tax shall be placed before a.nd in <br />preference to all other items and for the fu11 amount thereof. The funds derived <br />fram said tax levies hereby required shall be placed in a separate and distinct <br />fund, which, together with the interest collected on the same, shall be irrevocably <br />pledged for the payment of the principal and interest of said note or the bonds in <br />a.nticipation of which it is issued when and as the same falls due. <br />Section 8; The Clerk is hereby directed to forward a certified copy of this <br />ordinance to the County Auditor. <br />Section 9: This ordinance is hereby declared to be an emergency measure <br />necessary for the preservation of the public peace, welfare and safety of this <br />City, and £or the further reason that the immediate issuance and sale of the note <br />herein authorized is necessary to provide funds with which to retire a presently <br />outstanding note and thereby protect the eredit of this City; wherefore, this <br />ordinance shall take effect and be in force immediately upon its passage and ap- <br />proval by the Ma,yor. <br />Pas sed :? ?)p fklj 3 , 1968 <br />-v?Attest: <br />, . C?L) 441-V'. <br />FS.orence Holm, Clerk of Council <br />.-? ?x??- . "'?_ • =i, Presiden -ef- . <br />Council <br />Approved: f ;t./3 1G8 , <br />a <br />Ral E. Christman, Mayor <br />G'LA?: c.e? ' • <br />? 1 <br />.s I'q j lei /4 14 8`