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Seetion 5: Said note or notes shall be executed by the Tiayor and the City Auditor; shall bear the seal of the eorporation; they shall be payable at the office of The Nationa7. City Bank of Cleveland, North Olmsted Office, in the Gity of North Olmsted, 4hio; they shall express upon their face the purpose for whieh they are issued and tha,t they are issued pursuant to this ordinance. Section 6: 111 assessments collected for the improvement aforesaid and unexpended halance rema,:i.ning 3,n, the flznd a,fter the cost and expense of said improve- ment ha,s been paid shall be applied to the payment of said note or notea and the interest thereon until ba th axe fu11y pravided for. Section 7: Said note or notes shall first be offered to the Treasurer of the City and so many of the same as shall not be taken by said Gity Treasurer shall be sold at private sale by the City gu.ditor, but not for less than par and accrued interest, and the proceeds from such sale, except any premium and acerued interest thereon and the amount thereof necessaxy for the payment of interest prior to the maturity of said note or notes shall be paid i.nto the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest and the amount necessary for the pa,yment of interest prior to their maturity shall be transferred to the ainking Fund and to be a,pplied in the pa,yment of the principal and interest on said note or notes 3.n the ma.nner provided by law. Section 8; Said note or notes shall be the f'u.ll, general obligations of the City of North almsted and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. 3'he par value to be received from the sale of bonds anticipated by sa.id note or nates and any excess f'und resultirig from the issuance of saa.d note or notes shall, to the extent necessary, be used only for the retirement of said note or notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9: In the event tha,t such assessments axe not levied or bonds are not issued to provide a fund for the payment of said note or notes at maturityp a general tax shall be levied against all of the property of said City for the payment of saa.d note or notes and the interest thereon. Section 10: The City Clerk is herepy directed to forzaard a certiiied copy of this orcli.n.ance to the County Auditor. Section 11: This ordinance is hereby declared to be an emergency measure? necessary for the immediate preservation of public health, peaee, safety and welfare, and to borrow money immediately for the necessary improvement of a City street that this ordinance be passed at once and shall take effect and be in :; orce an.d effect from and after its passage. P9SSEDs July 7, 1959 ATTEST: • ? E. M. Christman, C1erk of Council APPROVL'D s PaiL1. J. Ga?ea,u! Mayor Ra1ph A. Hazelton, Presi ent of Coun.cil ?