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Section 5: Said note or notes shall be executed by tha Mayor and the City Auditor; shall bear the seal of the corporation; they shall be payable at the office of The National City Bank of Cleveland, North Olmsted affice, in the City of North 07.mated., Qhio; they shall express upon their face the pt??ose for which thev are issued and that they axe issued pursuant to this ordinanee. Section 6s Al1 assessnents collected for the irnQrovernent aforesaid and unexpended balance rem.aining in the fund after the cost ard epense of said improvement has been pa3.d shall be applied to the payment of said note or notes and the interest thereon until both are ful.ly provided for. Section 7: Said note or notes shall first be offered to thQ Treasurer ai the City and so many of the same as shall not be taken by s aid City Treasurer shall be sold at privats sale by the City Auditors but not for less than par and accrued interest., and the procaeds fron such sa1e., except any premi.um and accrued interest thereon and the amount thereof necessary for the payment of intsrest prior to the maturity of said note or notes shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. An,y prem:i.um and accrued interest and the amoUnt necessazy for the payment of interest prior to their maturity shall be traasferred to the S:i.nksxg Fund ancl to be applied in the payment of the principal and interest on said note or notes in the manner provided by law. Section 8: Said note or notes shall be the full., general obli.gations of the City of North 07msted and the full faith., credit and revenue of said City are hereby pledged for the prompt payment of the satne. The par value to be received from the sale of bonds anticipated by said note or notes arxd any excess fund resulting from the issuance of said note or notes shall., to the extent necessary., be used only for the retirement of said note or notes at rnatwrity,, together with interast thereons and is hereby pledged for such purpose. Section 9: Tn the event that such assessments are not 7.svied or bonds are not issued to provide a fund for the payment of said note or notss at maturityj, a ganeral tax shall be levied against all of the property of said City for the paymant of said note or notes and the interest #;nereon. Section 10: The City Glerk is hereby directed to forward a c ertified comy of this ordinance to the County Auditor, Section 7.1: This ordi.nance is hereby declared to be an emergency measure., necessary for the imnediate presexvation of public health., paace, safety and welfare, and to bvrrow money immediately for the necessary inmrovexnent of a City street that this ordinance be passed at once and shall tal:s effect and be in force and effect from and afte-r its passage. PASSED: July ?s 1959 AiTES4M,Chr:L E, I$ C er o ounc . £' APF • a .:' eau, Mayor ta , ; Ra aze tono res a oUnc i? a ? N? C , i 11 .