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? <br />? <br />?6-6 ! <br />-2- <br />Section 6. All assessments collected for the improvement aforesaid, <br />and any unexpended balance remaining in the improvement fund after the costs <br />and expenses of said improvement have been paid, shall be applied to the <br />payment of said note and the interest thereon until both are fully provided <br />for. <br />Section 7. Subject to the rejection af said note by the Director <br />of Finance for investment in the Bond Retirement Fund, said note shall be <br />and hereby is awarded and sold to The Nationa,l City Bank of Cleveland, <br />? Cleveland, Ohio, at the par value thereof; and the Director of Finance is <br />hereby authorized and directed to deliver said note, when executed, to said <br />purchaser upon payment of such purchase price. The proceeds of such sale <br />shall, be paid into the proper fund and used for the purpose for which <br />said note is,being issued under the provisions of this ordinance. <br />Section 8. Said note sha7.l be the fu1.1 general obligation of the <br />City and the full faith, credit and revenue of said City are hereby <br />pledged for the prompt payment of the same. The par value to be received <br />from the sa.l.e of the bonds anticipated by said note and any excess funds <br />resulting from the issuance of said nate shall to the extent necessary be <br />used only for the retirement of sa.id note at maturity, together with in- <br />terest thereon, and is 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 note at <br />maturity, a general tax shall be levied against all of the property in <br />said City for the payment of such note and the interest thereon. <br />Section 10. '.L'he Clerk of Council is hereby directed to forward a <br />certified copy of this ordinance to the County Aud.itor. <br />Section 11. This ordinance is hereby declared to be an emergency <br />measure necessary f'or the immediate preservation of the public health, <br />safety and welfare of said City by reason of the fact that the prompt <br />construction.of the impravements to be financed by said notes is essential <br />to provide sanitary sewerage facilities essential to the health of the <br />City and the inhabitants thereof; wherefore this ordinance shall be in <br />f ul r <br />]. foce and effect from and immediatel after i <br />, y ts passage and approval <br />' by the Mayor. . <br />Passed. March 15, 1966 <br />President of Go ci <br />Attest : %V,,.V IAAn 1966 <br />Clerk of ouncil APpro d? <br />. <br />. Mayor <br />3-17- 6 G <br />? <br />C- ?A_ <br />. <br />. .. <br />. _ , , .. . <br />.. . . . . , -. <br />,, . . <br />° ??? ----? •---