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2. placed before and in preference to all other items and for the fnll amDunt thereof. 2'he funds derived from s aid tax levies hereby required shall be placed in a separate and distizict fund, which together with all intereat collected on the same, shall be irrevocably pledged for the paymerit of the interest and principa], of said bonds xrhen and as the same fall due. Section 5. That said bonds sha11 be first ofYered at par and aecrued interest to the Trustees of the Sinking Fund in their official capa- city and if said trustees refuse to take ary or atl of said bonda, then said bonds not so taken sha11 be advertised for public sale and sold ia the manner provided by law, but nat for less than their par value and accrued interest; the bond sale advertisement shall state that anynne desiring to do so, ma,y present a hid or bids for such bonds based upon their hearing a difYerent rate of interest than hereinbefore fixed, provided,, however, that where a frac- tional interest rate is bid, such fraction shal], be one-quarter of one per centp ar muitiple thereof; the ampunt of the bond or certified check to aceompany bids shall be $300.00; the proceeds from the sale of said bonds , except the premi.wa and accrued interest thereon and the anaunt oP said bonds iasued for interest, sha11 be used for the purpose aforesaid and for no other purpose; the premi.um and accrued interest received from such sale and the amount of said bonds issued for intepest shall be transferred to the Sinking Fnnd to be applied in the payment of pri.ncipal and interest of said bonds ia the manner provided by law. Section 6. The Clerk is hereby directed to forward a eertified copy of this ordinance to the County Auditor. Section 7. This ordinance shall take effect and be ia force from and after the earliest period allowed by law. Passed: January 7, 1941. E. M. Christman, Clerk David L. Douglass, Mayor