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? <br />44' 3ol <br />Section 6. Said note shall be the full general obligetion of the City of <br />North Olmsted and the full faith, credit and revenue of said City are hereby pledged <br />• for the prompt payment of the same. The par value to be received from the sale oP <br />the bonds anticipated by said note and any excess flxnd resulting from the issuance <br />thereof shnll to the extent neceaaary be used only for the retirement of said note <br />at uaturity, together with interest thereon, and is hereby pledged for such purpose. <br />Section 7. All assessments collected for the improvement aforesaid and any <br />unexpended balance in the improvment fund after all costs and expenses of such improve- <br />ment have been paid, shall be spplied to the payment of said note and the interest <br />thereon until both are fu17,y provided for. In the event such assessments are not <br />collected or bonds are not issued to provide for the payment of said note at me.turity, <br />a general tax shall be levied against all of the property in said City for the pe4Yment <br />of such note and the interest thereon. <br />Section 8. It is hereby determined that all acts, conditions and things required <br />to be done precedent to and in the issuance of said note, in order to mQke the same <br />a legal, valid and binding obligation of the City of North Olmsted, have happened, <br />been done and performed in regular and due form as required by l.aw; and that the amount <br />of indebtedness to be incurred by the issusxice of said note does not exceed any <br />limitation of indebtedness now fixed by law. <br />Section 9. The Clerk of Council is hereby directed ta forward a certified copy <br />of this ordi.nance to the County Auditor. <br />Section 10. This ordinance is hereby declared to be an emergency measure necessary <br />for the preservation of the public peace, health and safety of the City and its <br />inhabitants and for the further reason that immediate issuance of seid note is necesaary <br />to enable the City to pay the costs of construction of the improvement aforeasid and <br />thereby to preserve the credit of the City; wherefore, it shall take effect and be in <br />force from and immediately after its passaf;e and approval. <br />Passed L,Fi- . I , 1964 <br />Approved 1964 <br />-?' c- ? <br />? <br />, Mayor <br />esident of Council <br />? <br />Attest t 1 k A 1 f I N <br />ClerA of Council <br />• <br />2 1 c`?Cte.j, i <br />A,