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? r . 66'-60 - 2 - Section 5. Such note shall be executed by the Ma,yor and Director of Fina,nce and bear the seal of the corporation. It shall be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon its face the purpose for which it is issued and tha.t it is issued pursuant to this ordinance. Section 6. All a.ssessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the pa.yment of said note and the interest thereon until both are fully provided for. ? Section 7. Subject.to the rejection of said note by the Director of Finance for investment in the Bond Retirement Fund, said note shall be and hereby is awa,rded and sold to The Nationa.l City Bank of Cleveland, ' Clevel.and, Ohio, at the par value thereof; and the Director of Finance is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of such purchase price, and acerued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. Section 8. Said note shall be the full general obligation of the City 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 bohds anticipated by said note and any excess funds resulting from the issuancs of said note sha11 to the extent necessary be used only for the ret3rement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Sect3.on 9. In the event that such assessments are not levied or bonds are not issued to provide a fund far the payment of said note at maturity, a general tax sha.11 be l.evied against all of the property in said City for the payment of such note 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 ll. This ordina.nce is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and saFety of said City and for tRe further reason that the immediate issuance and sale of the note herein authorized is necessary to provide funds to ena.ble the Cit,y -'V-o retire its existing indebtedness and thereby preserve its credit; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the Mayor. . qJLAIC Passed: March 15, 1966 •& President of C il Attett : %W 1 4 A 'r I A ig ol 3LIS 6 1966 Cler of ouncil Approved Filed wl.th l ielap od the Mayor 1966 • ? Mayor po,39A 3-7-? G G?,? OAJ. , . , . , ., .:. ? . . . .r : ., , .