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, <br />r <br />June 25, 1960, and shall mature on or befare anc y+ear fraa sa3d date. <br />3ection 5. Such noto shal], be executed by the Mayor and by the Clerk af <br />Council and ehall bear the seal of the corpoa•atfon, shall be paqrnble at The <br />National City Bank of Clevoland, Norih (Il,mstod affico, North Olmsted, Ohio, <br />and shall oxpresa upon ita faco the purpomivr which it is isauod and that it is <br />ic3uc3d purauant to this ordinance. <br />Saction 6. All aaaesemcrrta callected far the purpoeee aforeaaid, and a?w <br />unexpondod balanco remaining in the seFrer glanning fund after the coata and <br />expQnses thoroaf havc been gaid, ahall be appliod to the pqyment a2' eaid note <br />ahd tho iriteroat thoreon until both are fully provided t'oa•. <br />3ectioci ?. Subject to the rejoction af said note by the adticer in charge <br />af the City's bond retirement fund, said note sha11 bo and hereby ia axarded <br />40 and sald to Tho National City 33ank of Cleveland at the par value theroaf; s.nd the <br />City Aaditor io horebp autharized and directed to dolfver aaid note, xhen exocuted, <br />to said purchaaer upan paynierit a,f auch purchaee prica aad acerued iriterest to the <br />dato of dolivery. The proccoda of such sale 3ha11 be paid into the groper fund <br />and usod for the purposo Pacr which aaid note is being iasued un]er the }aovisioais <br />of thie aadinanca. <br />.? <br />it <br />Section B. Said noto shall be the full general obligation af the City af <br />North Qlmsted and the full faith, croclit and revenuo of said City are hereby plodged <br />for the prantpt payment ad' the sarne. The par value to be received freni the saie of <br />the bonds anticipated by said note and aay Q=cess fundE resulting from the issuance <br />af said nate 3ha11 to the extant necessary be used only for the retiraaent ai' said <br />nota at :naturity, together with intereat thereon and fs heroby pledged far such <br />pLupoec. , <br />3ection 9. In the everit that such assuasnents are not lavied ar bonda are not <br />iesued to provic}e a fund f ar. the payment ad' aaid note at maturity, a goneral tax <br />sha7.1 bc levicd againat as], af the praperty in aaid City for the payntent af such notc <br />and the interost thoreon. <br />Soction 10. The Qerk af Cauncil is heroby direct.ed to forward a certified <br />copq oP thivacrdinance to the County Auditor. <br />3octian 11. This ardinance is heroby declared to be an emergeney nieasuro <br />noceaaary lar the inmodiate presvrvation af the public health, safety and welfare <br />of said City and far the furthar reaeon that the iniaedi.ato ieauauco and aale af the <br />note herein authoriaed is necQ3sary to provide Punds oaaential to prepare for the <br />comtruction and financing af a municipal scsverage eystem urgently roquired to pro- <br />tvct the health of the inhabit:+nt3 af the City; xherefore, this aa•dinance sha11 bo <br />in fullSorce and effoct from and immediately aftor ita j*Bsage,anc? appro?val, <br />ncl <br />Pasovd 1960 . j ?~ . <br />....? , <br />es ounc <br />Appr°vei;',: : -??Z :1- 1960 <br />? I <br />?' - •_ , ? ?7 <br />? <br />-2 - <br />?. t ; • t{ ?; . ? j-?c'f ? ?/??, ? <br />.1 ` er <br />A .. . ? .,?.?..._ ?.,w....?..?. ?_ ..? ? . -,. . <br />? ? . <br />..; <br />???