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? - 3 - SECTION 7. That such notes shall be the full general obligations of the City of North Olmsted and the full faith, credit and revenue of this City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by such notes and any excess funds resulting from the issuance of such notes shall, to the extent necessary, be used for the retirement of such notes at maturity, together with interest thereon, and are hereby pledged for such purpose. SECTION 8. That all assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of such improvements have been paid, shall be applied to the payment of such notes and the interest thereon until both are fully provided for. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of such notes at maturity, a general tax shall be levied against all of the property in the City for the payment of such notes and the interest thereon. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interest on such notes or bonds in anticipation of which they are issued, when and as the same fall due. SECTION 9. That it is hereby determined that all acts, conditions and things required to be done precedent to and in the issuance of such notes, in order to make them legal, valid and binding obligations of the City, have happened, been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of such notes. SECTION 10. That the Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. SECTION 11. That it is hereby found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22, Ohio Revised Code. SECTION 12. That this ordinance is hereby declared to be an emergency measure necessary for the immediate preseroation of the public peace, health, safety and welfare of the City, and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to ma.intain the good credit of the City by retiring the aforesaid outstanding notes at maturity; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the Mayor. Passed: X4.44 Attest: er o ounc s ent o ounc ? First reading: -71 Second reading: q Third reading: S-L