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r PAGE 2 OF OROIi~TANCE NO. ~2 ( ~' S ~. ~_. Section 5: Said note or notes shall be executed by the Mayor and the City Auditor; shall bear the seal of the corporation; they shall be payable at the office of the National City Bak of Clevelandi North Olmsted branch in the City of North Olmsted, Ohio; they shall express upon their face the purpose for rich they are issued. Section 6: All assessmexrts collected for the improvement aforesaid and unexpended balance remaining in the fund after the cost and expense of said improvement has been paid,sha].l be applied to the payment of said note or notes and the interest thereon until both are fully provided 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 b® taken by the City Treasurer, shall be sold at private sale by the City Auditor, but for not lass than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon and the amount thereof necessary for the payment of interest 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. Any pre:sium and accrued interest and the amount necessaxy far the payment of interest prior to their maturity shall be transferred to the Sinking rand 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 obligations of the City of North Ol~asted and the full faith, credit and revenue of said City era hereby pledged for the prompt payment of the same. The par value to be re- ceived from the sale of bonds anticipated by said note or notes and any excess fund resulting from the issuance of said note or notes shall, to the exterjt neeessary~de used on7,y for the retirement of said note or notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9: Tn the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said note or notes at maturity a general tax shall be levied against all of the property of said City for the pay- ment of said note or notes and the interest thereon. Section 10: The City Clerk is hereby directed to forward a certified copy of this ordinance to the Auditor of Cuyahoga County. Section 11: This Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of public health, peace, safety and welfare, and to provide for the borrowing of money immediately necessary for the improvement of the City street. Section 12: This Ordinance shall take immediate effect from and after its passage, otherwise, at the earliest period allowed by law. .M PASSED ~cS' / • ,e%~-'Q.o~ ~ esident o ounc F ' ~;~ ATTEST • _- --_-~ E. M. hristman, r o ounc APPROVED: Pa J. G au~ Mayor ,` /~ Z ,1`0 ~/