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Ordinance No. 2 L ~ 9 <br />r- <br />PAGE 2 <br />Section 8: Said notes aha11 be the full general obligation of the City of <br />North Olmsted and the full faith, credit and revenue of said City axe hereby pledged for <br />the prompt payment of the same. The par value to be received from the sale of the bonds <br />anticipated by said notes and any excess funds resulting froffi the issuance of said notes <br />shall to the extent necessary be used only for the retirement of said notes at maturity, <br />together with interest thereon and is hereby pledged for such purpose. <br />Section g: In the event that such assessments are not levied or bonds are not <br />issued to provide a fond for the payment of said notes at maturity, a general tax shall <br />be levied against all of the property in said City for the payment of such notes and the <br />interest thereon. <br />Section 10: The Clerk of Council is hereby directed to forward a certified <br />copy of this ordinance tv the County Auditor. <br />Section 11: This ordinance is hereby declaxed to be an emergency measure <br />necessary for the immediate preservation of the public health, safety and welfare of the <br />City and for the further reason that the immediate issuance and sale of the notes herein <br />authorized is necessary to provide funds essential to prepare for the construction and <br />financing of a municipal sewerage system urgently required to protect the health of the <br />inhabitants of the City; wherefore, this ordinance shall be in full force and effect from <br />and immediately after its passage and approval. <br />Passed: I /~f~ <br />-.7. <br />All^TEST <br />CLERK OF COUNCIL <br />-~ <br />i <br />~. ,, ~ _.~ <br />P 0 . COUN <br />APPROVED: <br />a'~~~~ <br /> <br />