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<br />i <br />- 2 - <br />Section 6. Subject to the rejection of such notes by the Director of Finance <br />for investment in the Bond Retirement Fund, such notes sha11 be sold by the <br />Director of Finance at private sale at an interest rate not exceeding eight per <br />centum per annum. The proceeds from such sa1e, except any premium and accrued <br />interest, sha11 be paid into the proper fund and used for the purpose aforesaid <br />and for no other purpose. Any premium and accrued interest sha11 be deposited <br />in the Bond Retirement Fund. <br />Section 7. Sa3d notes sha11 be the fu11 general obligations of the City and <br />the full faith, credit and revenue of such City are hereby pledged for the prompt <br />payment of the same. The pax value to be received from the sale of the bonds <br />anticipated by sa.id notes and any excess funds resulting fram the issuance of said <br />notes sha11 to the extent necessary be used only for the retirement of said notes <br />at maturity, together with interest thereon, and are hereby pledged for such purpose. <br />Section 8. All assessments collected for the improvement aforesaid and any <br />unexpended balance in the improvement fund after all costs and expenses of such <br />improvement have been paid, sha11 be applied to the payment of said notes and the <br />interest thereon until both are fully provided for. <br />Section 9. In the event tha.t such a.ssessments are not levied or bonds are <br />not issued to provide a fund for the payment of said notes at maturity, a general <br />tax sha11 be levied against a11 of the praperty in said City for the payment of <br />such notes and the i.nterest thereon. <br />Section 10. It is hereby determi.ned and recited that a11 a.cts, conditions <br />and things necessary to be done precedent to and in the issuing of said notes in <br />order to make the same legal, valid and binding obligations of the City of North <br />0]msted have happened, been done and performed in regular a,nd due form as required <br />by law and tha,t no 1i.mitation of indebtedness or taxation., either statutory or <br />constitutional will have been exceeded in the issuance of sa.id notes. <br />Section 11. The Clerk of Council is hereby authorized and directed to forward <br />a certified copy of this ordinanee to the County Auditor of Cuyahoga County. <br />Section 12. This ordinance is hereby declared to be a,n emergency mea,sure <br />necessary for the preservation of the public peace, welfare and safety of this <br />City, and for the further reason that the immedia.te issuance and sale of the notes <br />herein authorized is necessary to provide funds with which to retire a presently <br />outstanding note and thereby protect the credit of this City; wherefore, this <br />ordinance sha.ll. take effect and be in force innnediatel,y upon its passage a,nd <br />approval by the Mayor. <br />PASSID: 1970 <br />ATTEST: <br />Nora T. Hi11., Clerk oP Council <br />APPROVED : 3 ?o f 7a _ <br />Ral#h E. Christman, Mayor <br /> <br />? <br />/4'-/ <br />, <br />nci??-d.? ?'p?ei11! Preside3 <br />eVj???JLlmpert, <br />Acting President Pro Tem <br />?