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y Ordinance rdo. 61- a.~~ -2- Section 6: Said renewal note or notes shall first be offerea to tie Director of '?inance of the City, having charge of the Bond Netirement ~tlnd or' the City, and so many of the same as shall not be taken by the ;~irector of rinance shall ~~e sold at private sale by the i)irector of Finance, but for not less tr.~an par and accrued interest, and tt-re proceeds from such sale except any premium a~'id acr.rued interest thereon, and the amount thereof necessar:~ for the payment of Interest prior to tt~.e maturity of said renewal note or notFS shall be paid into the proper fund and shall ':~e used only for the purpose aforesaid and ''or no other. Any premium and accrued interest in the amount necessary i'or the nayrnent of interest prior to their maturity shall be transferred to the Dond Retirement Fund to be applied in payment of the principle and interest on said reneGral na, or notes in the manner provided 'by law. Section 7 : Sa-i_d rene~al note or notes shall be t'nP full gener. al obligation of the Cit~r of North Olmsted and the full faith, credit, and r'=,venue of said City are hereby= pledged for the prompt paymont of the carne. the pa.r value to be received from the sale of bonds anticipated by said renewal note or notes and any excess furtnPr resulting i'rom the issuance of said renewal note or notes shall, to the extent necessary, be used only for the retirement of said renewal note or notes at maturity, together with interest thereon, and i_s hereby pledged for such purpose. re re wa.l Section 8: During the year such/note is outstanding t';zere shall oe levied on all the taxable properties in the City of North Olmsted in addition to all other taxes, a direct tax annually of not less than that which would have been levied if bonds were issued without the prior issuance of said re- newal note or notes. Said tax sr~a1.1 be and is hereby ordered computed, certi!-'- -i.ed, levied and extended upon the tax duplicate and collected b-~ the same officers in the same manner and in the same time that taxes for general purF~ases :f'or each of said ,years are certified, extended and collected. Said tax shall ~e placed before and in preference to all other items and for the fall amount thereof. the funds derived from saki tax levies hereby required shall be placed in a separate and distinct fund, which, toL7ether with the interest collected. on the same, shall be irrevocably pledged for the principle and interest of said notes or the bonds in anticipation of which trey are issued when and as the same fall due. Section 9: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the Auditor of Cuzlaho~a County>~, Ohio. Section 10: This ordinance is Hereby declared to be an emergency measure necessary for the immediate r.,reservation of the public safety and welfare of the City and such emergency exists by virtue of the necessity of providing funds for the purchase of buses with tires and other specified equipment necessar~~ in the operation of t~~e North Olmsted ~~unicipal Coach Line . Section 11: ~~Iherefore, this ordinance shall take zmmedia-r,e effect from and after its passage, otherwise, at the earliest period allowed b~T aw. PASSED: ,,, ATTE T ._.--1 ~~L,~~'ISF, `.?ALL, CLF,TtK 0? COUNCTt, AJ?.ttCT' ?~tacDt~NALD, PRFS=ID''I~'T C'~ C~:~tTNGIL APPRCEVSD ~4. PA , J . G ~ it ~ MAYOR ~~ ~;/~ ,~ ~~:- ~i