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. ? Section 5. 3aid notes ahall be first offered to the oTficer in cherge of the Bpnd Rctirement Fund, ead so many of the sa¦e ss aball not be talcca by aaid officer shall bc and arc hereby awarded snd eold to TDe llational City Hauk of Clevelmd, Clevelsnd, Ohio, at their par value; sad the preceeds from sucb aale, cxcept the amount thereof neceseary !br the psyment of interest prior to the mriturity of said aotes, ohall be paid into the propsr fund end used for the purpose aforesaid and Por no other purpoae, auid fbr Which purpose ssid money is hereby appropriated. 'Ilie moount noceaeary for the puyeent of latereet prior to their maturity 3hall be trenaferred to the Boncl Retirament lhwd to be applied ia the payment of principnl and interest of said notea in the eianoer provided by lew. Sectioa 6. 9nid notea ohell be the full general obligatioa of the City of North Olmatcd aad the 21i11 Saith, credit aad revenue of saifl City ere hereby pledged for the prompt poyment of the aemc. The par value to bc received fran the salc of bonds anticipat,ed by aaid notea and any excess funda resulting frae the iaauance thereof shall, to the extcat neccsanry, be usfd fbr retirement of aaid notea at maturity, together with interest thereon, and is hereby pledged tbr such purpoae. 3ectioa 7. During the period While euch notes rua tbere ehall be levied on all the taxable property in the City of Ibrth Olmated, in addition to all other taxca and outaide of tax limitationo, a direct tax aaauslly oot lasa than that Which would have been levied if bonde had bean iasued without the prior is8uttnce of sucb notes. :iection 8. It is hereby detcrmined that all ects, conditioas ead thioge required to be donc precedant to and in the iesuaace of said notee, ia order to aake the aene lcgal, valid aad binding obligations of the City of lbrth Olmated, have happencd, been donc aad pei•ibrmed iu regular and due tbrm as required by 18w; that the tax tbr the pnyment of the principal md intercet of the bonds saticipated is ualimited as to mpunt or rate; sad that the mdount of indebtedness to be in- curred Dy the ieauance of said uotes does aot exceed any liiaitation of iadebtednesa noM fixed by lav. 8ectlon 9. The Clerk ia hcreby directed to tbrward a certified oopy of thia ordinmce to the Oounty Auditor. Section 10. This ordinance ia hereby declared to be en emergency aeasure neccscary tbr the iamediate preservatioa of the public pesce, healtL aad eaPety of auch City by reason of the Pact thut the prompt conetruction of the iaproveoents to be fiaaaced by asid notes ie escentiol ibr protectioa Of the teolth of the City and the intwbitaata thereof; vherefore, enid ordinmce sLall p iato tmeciiate e2'fect upon ita gossage and approval. ? Pasecd: 19LI. •r i `.. . . . .? . .r . ? ',:g yor - 2 -