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<br />- 2 - <br />Section 6. Said note shall be the full general obligation of the City and <br />the fu1.l faith, credit and revenue of such City are hereby pledged for the prompt <br />payment of the same. The par value to be received from the sa1.e of the bonds anti- <br />cipated by said note and any excess funds resulting from the issuance o#' said note <br />shall to the extent necessary be used only for the retirement of said note at maturity, <br />together with interest thereon, and are hereby pledged for such purpose. <br />Section 7. All assessments collected for the improvement aforesa,id and any <br />unexpended balance in the improvement fund after al1 costs and expenses of such <br />improvement have been paid, sh.alZ be applied to the payment of said note and the interest <br />thereon until both are fully provided for. <br />Section 8. 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, a general tax <br />shall be levied against all of the property in said City for the payment of such note <br />and the interest thereon. <br />Section 9• It is hereby determined and recited that a1l acts, conditions <br />and things necessary to be done precedent to and in the issuing of said note in order <br />to make the same a legal, valid and binding obligation of the City of North Olmsted <br />have happened, been done and performed in regular and due form as required by law <br />and that no limitation of indebtedness or taxation, either statutory or constitutional <br />wi11 have been exceeded in the issuance of said note. <br />Section 10. The C].erk of Council is hereby authorized and directed to for- <br />ward a certified copy of this ordinance ta the County Auditor of Cuyahoga County. <br />Section 11. This ordinance is hereby declared to be an emergency measure <br />necessary for the preservation of the public peace, welfare and safety of this City) <br />and for the further reason that the immediate issuance and sale of the note herein <br />authorized is necessary to provide funds with which to retire a presently outstanding <br />note and thereby protect the credit of this City; wherefore, this ordinance shall <br />take effect and be in force immediately upon its passage and approval by the Mayor. <br />Passed: 1968 <br />Attest: <br />??"e10? 1 r o ? <br />Florence Holm, Clerk of Council <br />Francis J. 0'N il , President of Council <br />Approved: /j (i, /(, .1 <br />lph E. Christman, N&ayor <br />ahlbg ? . ?;t? - c?d?u <br />_Pa S?F 4 II'C )6Y