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paid into the proper fund and used for the purpose aforesaid and for no other purpose, <br />and for which purpose said money is hereby appropriated. <br />Section 6. Said note shall be the full general obligation of the City of North <br />Olmsted and the full faith, credit and revenue of said City are hereby pledged for the <br />prompt payment of the same. The par value to be received from the sale of bonds antici- <br />pated by said note and any excess funds resulting from the issuance thereof shall, to <br />the extent necessary, be used forzetirement of said note st maturity, together with <br />interest thereon, aryl. is hereby pledged for such purpose. <br />Section 7. During the period while such note runs there sha11 be levied on all the <br />taxable property in the City of North Olmsted, in addition to all other taxes and outside <br />of tax limitations, a direct tax annually not less than that which would have been levied <br />if bonds had been issued without the prior issuance of such note. <br />Section $. It is hereby determined that all acts, conditions and things required to <br />be done precedent to and in the issuance of said note, in order to make the same a legal, <br />valid and binding obligation of the City of North Olmsted, have happened, been done and <br />performed in regular and due form as required by law; that the tax for the payment of the <br />principal and interest of the bonds anticipated is unlimited as to amount or rate; and <br />that the amount of indebtedness to be incurred by the issuance of said note does not <br />exceed any limitation of indebtedness now fixed by law. <br />Section 9. The Clerk of Council is hereby directed to forward a certified copy of <br />this ordinance to the County Auditor. <br />Section 10. This ordinance is hereby declared to be an emergency measure necessary <br />for the immediate preservation of the public peace, health and safety of such City <br />by reason of the fact that the immediate issuance of the note herein provided for is <br />essential to retire outstanding notes at their maturity and thereby to preserve the <br />credit of the City; wherefore, ;said ordinance shall go into immediate effect upon its <br />passage and approval. <br />.~± <br />1961 `~ <br />ray , <br />President of Council <br />2 <br />~~ <br />txc-c ~~5/ h~ <br />~/ <br />f, <br />~-- <br />~ Or <br />