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<br />Li <br />6 Cf-.6 i?91, <br />Bnnk of Clevelend at psr val.ue plua secruad intereat. 'tbt ptvooeds t'z'cu such salo, <br />except accrutd intereat thereon, shwll be Daid isito t.tAk pro'per tund aad ussd for <br />the purpoae at'oresai8, for which purpoae said maaey is herebqr appropriwted. AIW <br />accruad einterest shall tx trsnaferred to the Bond Aetiracoeat ?und , to be spy?liot1 <br />in the p?men't of principsl ytid interest oP said ? ia the mt1??r providscl by ].e?v. <br />• <br />$ection 8. Seid note shall be the full general obligation ot ttu "t?y o! <br />North Olmsted and the full fsith, credit and revmwe of Mid City axe b*r*W pl <br />for the pro@Wt payment of the sem. 2he psr value to be received frttp thi ,tal.t of <br />bonds anticipated by said not* and ujy sx.cee$ fluyde resulting from tte irsuame of <br />said note shall to the extent necessary be uaed only for the ret3olment al said nvt.o <br />at maturity, together Xith interest thereon, and is bertb3r pledgtd for suah ptupose. <br />Section 9. In the event that such asaessments sre not levieQ or bonds art not <br />issued to provide a fund for tho payment of said note at msturity, s geDeral taZ <br />ahall bt levisd against all of the taxable proporty in ssid City for the psymetit of <br />such rote wid the interest thereou. <br />Section 10. Thc Clexk oP Couacil is hereby directaQ to fox°xard a eertitiacl <br />capy oP this ordinaizce to the County Auditor. <br />3cction 11. This ordinance is hereby declared to be en emergency aeasure nsetssary <br />for the immediate preservation of the public health, safety and we7.fare ia said Ci'ty <br />and for the further reason t2at the immediate issuanct and sale of the note bo"in <br />authorized is necessary to enable the City to retire an outstanding note at an?tuTity <br />and thereby to preserve the credit of the City; S+herefon, this ordinance shall be <br />in fuU force and effect frar? end immediatel,y after ite pessage and approvsl. <br />Passed I I I , 1964 <br />Attest <br />Clcrk o ^ounci <br />Preei nt of Council <br />Approvl8 , 1964 <br />14ayor <br />11 <br />ty.