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PAaE 2 OF (~DIAtANCE NO. 2b77 3ectias b. All asaessraents collected for the iAprovemsnt aforesaid and balanse re~ai n in the f~xnd after the coat and es~penae of said improvement has base paid, shall 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 C d so many of the same as shall sot be taken by said City Treasurer shall be sold at private sale by the City Awditcar~ but far net yeas than par and accrued interest, sad the proceeds frap~ such aaye~ exeept a~1- premima. and accrued interest thereon and the amount thereof necessary far t~tie payment of interest prior to the maturity of said Hate or Hates shall be paid unto the proper fund and used for the purpose aforesaid and for no other purpose. ~ premium and accrued interest and the amount necessary for the payment of interest prior to their maturity shall be transferred tc> the Sinking Fund to be applied 3n the payment of the principal and interest on said nuts or Hates i.ri the manner provided by lax. Section 8. Said note or notes shall be the fully general obligations of the C ty o orth fDlmsted and the full. faith, credit and revsnme ®f said City are hereby pledged for the prompt payment of the same. The par vay:ae to be received from the safe of bands anticipated by said note e:r notes and at~r ex- cess f~pnd resulting from the iasuanee of said note or Hates 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 that such assessments are not levied yr bonds are not issuesprovide a fund for the payment of said nat® ar Hates at maturity, a general, tae ahg~1 be lejri~ed against all of the property of said City fcrr the Payment of said note ar notes and the interest thereon. Section 10. The City Clerk is hereby directed to forward a certified copy o t a dinance to the County Auditor, Section 11. This Ordinance is hereby declared to be an emergency measure, necessary for the i~nediate preservation of the public health, peace, safety and welfare, and necessary to borrox money immediately far the needed iaq~rovement of a City street, that this Ordinance be passed at once and shall tales ®ffect and be i.n farce and effect from and after its passage. PASSED: April 7,5, 1958. es o ATTEST r ~~~ `~ er o Dose ,APP°ROVSDs f ~o~~/ r~ u~~~~