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?/90.14 <br />- 2 - <br />Sectian 5. Such notes shall be signed by the Mayor and Director of <br />Finance and bear the seal of the corporation. They shall be payable in <br />Federal Reserve funds of the United States of America at the main office of <br />the National City Bank of Cleveland, Cleveland, Ohio, and shall express upon <br />their face the purposes for which they are issued and that they are issued <br />pursuant to this ordinance. <br />Section 6. All assessments collected for the improvement aforesaid, <br />c and any unexpended bal.ance remaining in the improvement fund after the costs <br />and expenses of said improvement have been paid, shall be applied to the payment <br />of said notes and the interest thereon until both are fully provided for. <br />Section 7. Subject to the rejection of such notes by the Director of <br />Finance for investment in the Bond Retirement Fund, such notes shall be sold by <br />the Director of Finance at private sale at an interest rate not in excess of <br />that specified in Section 4. The proceeds from such sa1e, except any premium <br />and accrued interest, shall be paid into the proper fund and used for the purpose <br />aforesaid and for no other purpose. Any premium and accrued interest shall be <br />deposited in the Bond Retirement Fund. The City covenants that the proceeds <br />of said notes shall not be invested or used in such manner that any of said <br />notes would be "arbitra,ge bonds" for purposes of Section 103(d)(1) of the Tnternal <br />Revenue Code of 1954. <br />Section 8. Said notes shall be the full general obligations of the <br />City and the full faith, credit and revenue of said City are hereby pledged for <br />the prompt•payment of the same. The par value to be received from the sale of <br />the bonds anticipated by said notes and any excess funds resulting from the <br />issuance of said notes shall to the extent necessary be used only for the <br />retirement of said notes at maturity, together with interest thereon, and is <br />hereby pledged for such purpose. <br />Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund for the payment of said notes at maturity, <br />a general tax shall be levied against a11 of the property in said City for the <br />payment of such notes and the interest thereon; provided, however, that during <br />the year or years while such notes run there shall be levied on al1 the ta,xable <br />property in said City, in addition to all other taxes, a direct tax annually not <br />less than that which would have been levied for the City's portion of said notes <br />3f bonds had been issued therefor without the prior issue of said notes. <br />Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in <br />the same manner and at the same time that taxes for general purposes for each <br />of said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to al1 nther items and for the full amount thereof. <br />The fundt derived from said tax levies hereby required shall be placed in at <br />separate and distinct fund, whicYi, together with the interest collected on the <br />same, shall be irrevocably pled.ged for the payment of the principal and interest <br />of said notes or the bonds in anticipation of which they are issued when and <br />as the same falls due. <br />Section 10. The C1erk is hereby directed to f orward a certified copy <br />of this ordinance to the Cotuzty Auditor. <br />Section 11. This ordinance is hereby declared to be an emergency <br />measure necessa,ry for the preservation of the public peace, welfare and safety <br />