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Section 6: Said note sha7.1 first be offered to the Director of Finanae of the City and if not tsken by the Director of Finanee, shall be sold at private sale by the Director of Fin,arce for not less than par and accrued interest,, and the proceeda from such aalsq exc:ept any preminm and accrued interest thereon arid the amaunt necessary for the paymsnt of intereat prior to the maturity of said note shall be paid into the praper fund and used onl,y for purposee aforesa3d, and no other. Any prem:i.um and aocrued intereat in the amount necessary for the paymnt of interest prior to matvrity shall be transferred to the Sinld.ng Fund to be applied 3.n the payment of principal and interest on sai.d note in the mannsr provided bg law. Section 7: Said note shall be the flz11 general obligation of the City of Atorth 03msted and the full faith., credit and revenue of ssid City are hereby plsdged for the prompt paymnt of the sarae. TYie par val.us to be re- ceived from the sals of bonds anticipated by said note and any eacess fund resulting from the i.ssa.siwe of said note shall to the extent neaessary, be used only for the retirement of said note at maturity or prior to maturity, together y,ri.th interest thereon, and is hereby pledged for ,zuch purpose. Section 8: During the year such note is outstanding there sha].l be levied on a1.1. the taxable property in the City of North 072nsted in addition to alI other taxss, a direet tax annually of not lsss than that which would have been ]svied if bonds were issued wit,hout -the prior issuancse of aaid note. Said tauc shall be and ia hereby orderedv computed,, certi.fied, levied and exterAed upon the tax diiplicate and collected by the same offioers and in the sa,me manner and at the same time that taxes for the general purposes for each of said years are certifieds extended and collected. Said tax sha11 be placed before and in preference to a71 other itema and for the ful.]. amwunt thereof. The funds 4erived from said tax lev:i.es hereby re- qtzired shall be plaeed in a separate aad distinct fund which together wi.th the interest collected on the samej sha,]1 be irrevocably pledged for the pay- ment of principal and i.nt,erest of said note ar the bond$ in anticipation of which they are issued xhen ard as fahe same fall dtas. Section 9: The Clsrk of Couucil is hereby directed to forward a certified copy of this tJrdinance to the Atxiitor of Cu,yahoga Gountyp Ohi.o. Section 70s This Clhcdinance is hereby declared to be an emergenc3y msasure necessary for the 3.mediate preaervation of the public health, peace and safety of the Gity and sueh emergency exists by reason of the need of the immediate issuance and sale of the note herein author3.zed to provide funds neaessary and essential in the construction and ereetion of a Serviee Garage for the City in the City Fark for whiah a prior note ha.s heretofore been issued and matures October 3s 1960, 3ection 11:. WH&WOREj this Qrdin.ance shall take imediate effect fr.om and after its passage., otherw.i.se., at the earliest period allowed by 7.aW. PA?SSEDt OCT4BER 4, 1960 ATTEST.. ,• -- ?'Lo?uise Hall: Cler-k of Uounc3.? Brucs MaoDo ., President of ounc: APIR 0'VID: ?.. 4ya a J. areau, yor