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Section 5, Said notes snaii be firgt offered to the afficer in at3arge of the Hond Retirement Fund, and sv many of the some as ahall not be taken by said offiaer shall be and are hereby awarr3ed and sold to The lqational City Bsnk of C1eveZand, Cleve].aad., 4hiot at their par value; and the pmceeds fmm sueh sa7.e, except the amount thereof necessary for the payment of interest prior to the maturity of said ncateso shall be paid ixito the prc>per fund and used for the purpose aforesaid and for no otYer purpose, and for which purpose said money is hereby appropriated. The amount necessary for the payment of interest prior to their maturity shall be traneferred to the Bond Retirement F'und to be applied in the payment af principal and interest of said notes in the manner prav3.ded by law. ? ? Section 6. Said notes sha11 be the f'u1..1 general ob].igation of the City of North Olmsted and the full faith, cred3t eua,d revenue of ee?id Ci.ty are hereby pled.ged for the prompt paqment of the same. The par vslue to be received from the sal.e of bo.nds ant3cigated by said notcs and any excess f°uads reeutting fmm the issuaxice thereof ahall., to the extent necessary, be used for retirament of sa3,d notes at maturity, together with interest thereo.nj, and is hereby pledged for such purpose. Section 7. During the period wh31.e such .notes run there tr}a].1 be levied on a1.1 the taxable prcroperty in the City of North Olmsted, in additiom to all other taxes and outside of tsuc limitatians, a direct tax annu,al.ly not less than that which would have been levied if bonds had been issued without the prior iesuance of such notes. Section 8. It is hereby deternained that all acts, C011di'ti4I18 and things required to be done precedent to aud in the issuanee of esid nptes, in order to make the same legal, va].id and binding obligations of the City of Noxth 0lmstedi have happened, been done and performed in regu].ar and due form as requi.red by law; that thc tax for the payment of the principal and interest of tbe bc»nds atzticipated is unlfmited as to amount or rate; snd that the emount of indebtcdness to be in- curred by the iasuance of said .notes does not exceed any Zimitation of indebtedness now fixed by law. Seetion 9. The Clerk is hexeby directecl to forward a certified cc>py of this ordinance to the County Auditor. Section 10. This ord.i.nance is hereby declared to be an emexgency me8sure necessary for the immed3.ate preservstion of the public peace, health aud saf'ety of such City by reason of the fact that the prompt construction oY the improvaments to be financed by said notee is esscntial for protection of the hcalth of the City and the inhabitants thereo#'; wherefflre, said ordinance shall go into inamediate effeet upo,n its passage and approval. Passed: 19,?, ; tApproved: ? yor t ; ? i e of Counc Clerk of?Counc?? - 2 - ? ? ,? . ? ? ?. ?z ? ..? ' , .? ?. '?,