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PAGE 2 OF ~tDINANCE NO. 2679 Section b. All assessments collected for the improvement aforesaid and unexpe~e~ balance remaining in the fund after the cost and exrense of said improvement has been paid, shall. be applied to the payment of said Hots 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 Ci y and so many of the same as shall not be tal~en by said City ,,~, Treasurer shall be sold at private sale by the City Auditor, but for not leas :,,~ than par and accrued interest, and the proceeds from such sale, except auy 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 premium and accrued interest and the amount necessary for the payment of interest prior to their maturity sha11 ba transferred to the Sinking Fund 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~o~ North Olmsted and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of bonds anticipated by said note or Hates and air excess fund resulting from the issuance of said note t3~' notes shall, to the extent necessary, be used only for the retirement of said note oar notes at maturity, together with interest thereon, and is hereby pledged for such Purpose. Section 9. In the event that such assessments are not levied or bonds are not ssued to provide a fund for the payment of said note or notes at maturity, a general tax shall be levied against all of the pro~rty of said City for the payment of said note or notes cad the interest thereon. Section 10. The City Clerk is hereby directed to forerard a certified copy of`~F3`s`3~dinance to the County Auditor. Section 11. This Ordinance is hereby declared to be an emergency measure, necessary for the immediate preservation of the publio health, peace, safety and welfare, and necessary to borrow money irmmediately for the needed improvement of a City street, that this Ordinance be passed at once and shall take effect and be i.n force and eff®ct from and after its passage, PASSEDs April 15, 1958. ~; ATTEST s: Clerk o Count `,. i esi ent o c ~~ u i i i 1 {, Ap'FROVED: