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Ordinance No. 62_^~~ Page 2 Finance in his award thereof at private sale, such interest to be payable at maturity; shall be dated the date of issuance and shall mature on or before one year from the date of issuance of the first note issued hereunder; shall be designated"Decker Road Storm Sewer Notes"; and shall be numbered consecutively commencing with No. 1. Section Ss Such notes shall be executed by the Mayor and Director of Finance and shall bear the seal of the corporation, shall be payable at the office of the Director of Finance, North Olmsted, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6: A11 assessments collected for the improve- ment aforesaid, and any unexpended balance remaining in the improve- ment fund after the costs and expenses of said improvement have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7: That such notes shall be first offered to the Director of Finance as officer in charge of the Bond Retire- ment Fund and if rejected by him shall be sold at private sale by the Director of Finance for not less than par and accrued interest. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the pro- visions of this ordinance. Any premium and accrued interest, together with the capitalized interest, if any, shall be transferred into the Bond Retirement Fund to be applied in payment of principal and in- terest of said notes in the manner provided by law, Section 8: Said notes shall be the full general obligation of the City of 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 the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said 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 issued to provide a fund for the pay- ment of said notes at maturity, a general tax shall be levied against all of the property in said city for the payment of such notes and the interest thereon. Section 10: The Clerk of council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section li: That this ordinance is hereby declared `~ to be an emergency measure necessary for the immediate preservation of the public peace, health and safety and for the further reason that it is urgently necessary to provide for a storm sewer in Decker Road to preserve and protect the health of the residents thereof, and this ordinance shall, therefore, go into immediate effect upon the passage thereof. PASSED: „~~~.~ A!'TBST: _ Louise Hall, Clerk o Council I~ Bruce Mac onald, resident of Council 1 ~~~~ ~, ~~f ~~