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4rdinauce No. ??7b <br />Page 9'wo <br /> <br />Section 6: Said bande shall be first offered at par and aecrued interest <br />to the offiaer in eha..rge of the Bond Retirement Fund in his offi.cial capacity, and so <br />many of the same as shall not be taken by said offieex sha.ll be sold at public sale <br />to the highest and best bidder therefor in the manner provided bg 1aw. The proceeds <br />from the sa1e of said bonds, eacept the preminm, accru.ed interest therem an.d <br />capitalized interest sha11 be used fox the purpose aforesaid and fox no other purpose <br />and to be allocated to the purpose herein described. R'he p-remi.um, acanued interest <br />and capitalizEd interest received from auch sale shall be tratssferred to the Bond <br />Retirement Fand to be applied to the payment of the principal and interest of said <br />bonds in the mann.eP provided by law. <br />Section 7: It is hereby determi.ned that all acts, conditions and thi.ngs <br />necessary to be done, precedent to and in the issuing of these bonds in order to make <br />them legalo valid and binding obligations of said City have been done, hapgened and <br />perfoYmed in regular and due form as requixed by law; that the faith, credit atsd <br />revenu,e of sa.id City are hereby irrev4oably pledge$ for the prompt payment of the <br />principal and interest thereof at maturity; and that no limitatioa of i.ndebtedness <br />or tagation, either statutory or constitutional, has been exceeded in issuing these <br />bonds. <br />Secticra 8: The Clerk of Cauncil is hereby directed to forwa,xd a eertified <br />copy of this ordinance to the County gia.ditor. <br />Sectian 9: This ordinance is hereby decla,red to be an emergency measure <br />necessary for the imm,ediate preservation of the public peace, health, safety and <br />welfare of the City and for the further reason that the prompt issuance of the bontla <br />here3n provided for is necessary to preserve the eredit of the City by rstiring the <br />outstanding notes issued in anticipation thereof. <br />Section 10s Whereforep this ordinance shall be in full force and effect <br />from and immaediately after its passage and approval by the Mayor. <br />Passed: J? - ? / <br />ATT Ts..-''-, <br />?. - <br />r--touige Hall, Clerk of Council <br />Bruce Ma,cDonald, President of Council <br />r <br />?? <br />r? C""'Y Ci7Ga? f ..