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??. <br /> <br />- 2 - <br />? <br />??- I <br />Section 6: All assessments collected for the improvement aforesaid, and any <br />unexpended balance remaining in the improvement fund after the costs and expenses <br />of said improvement have been paid, shall be applied to the payment of said note <br />and the interest thereon until both are fully provided for. <br />• Seetion 7: Subject to the rejection of such note by the Director of Finance <br />for investment in the Bond Retirement Fund, such note shall be sold by the Director <br />of Finance at private sale for not less than par and accrued interest and at an <br />interest rate not exceeding that mentioned in Section 4 hereof. The proceeds <br />from such sale, except any premium and accrued interest, shall be paid into the <br />proper fund 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 8: Said note sha11 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 issuance of said <br />note sha11 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 9: In the event that such assessments are not levied or bonds are <br />not issued to provide af.ind for the payment of said note at maturity, a general <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 during 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 all 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 ex- <br />tended 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 <br />years are certified, extended and collected. Said tax shall be placed before <br />and in preference to all other items and for the full amount thereof. The funds <br />derived fram said tax levies hereby required shall be placed in a separate and <br />distinct fund, which, together with the interest collected on the same, shall be <br />irrevocably pledged for the payment of the principa,l and interest of said note <br />or the bonds in anticipation of sahich it is issued when and as the same falls due. <br />Section 10; The Clerk is hereby directed to forward a certified copy of <br />this ordinance to the County Auditor. <br />Section 11; This ordinance is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the public health, safety and welfare <br />of said City and for the further reason that the immediate issuance and sale of <br />the note herein authorized is necessary to provide funds to ena,ble the City to <br />enter into a contract for the construction of said improvement which is urgently <br />necessary to protect the health of the abutting owners and the inhabitants of <br />the City; wherefore, this ordinance shall be in full force and effect from and <br />immediately after its passage and appxoval by the Mayor. <br />PASSED: ;? <br />ATTEST: A ? <br />c:?-? ?. c: <br />Florence Holm, Clerk of Council Francis J. 0' ei , President of Council <br />APPROVED : I ? 71(. 9 <br />01/714 <br />Al" G: 1 D <br />lph . Christman, Mayor / OJ't?? <br />/- 9- 6 q?• ?i Ct?' ' CZ`` °l'