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<br />Section 6. Said note s2ze,l.l be the flzll general obligation of the City of <br />North O1ffisted and the fu7.1 faith, credit and revenue of said City are hereby pledged <br />for the pranpt pe?yment of the same. The pQr value to be received from the sale of the <br />bonds a?nticipated by aaid note and any excess f.ind resulting Prom the iaeuance thereof <br />she11 to the extent neceseary be used on]y for the retirement of said note at maturity, <br />together vith intereat thereon, and is hereby pledged for such purpose. <br />Section 7. During the period While auch note runs there shall be levied on all <br />? the taucable property in the City of North Olmsted, in addition to all other taxea, a <br />direct tax annually not lesa than tha,t which Wouid have been levied if the bonda had <br />been isaued vithaut the prior issue of such note. <br />Section 8. It ia hereby determined that all acts, conditions and thinga required <br />to be done prececlent to and in the iasuance of aaid note, in order to make the same <br />? a legal, valid and binding obligELtion of the City of North Olmsted, have happened, <br />been drone and perforared in regular and due fond ae required by laW; and that the <br />amount of inclebtedneas to be incurred by the iasuance of said note does not exceed <br />atW limitation of indebtedneas now fixed by law. <br />Section 9. The Clerk of Cauncil ia hereby directed to forWard a certified copy <br />of this ordina.nce to the County Auditor. <br />Section 10. Thia ordinance ia hereby declared to be an emergency mea.sure necesaary <br />toa' the preservstion of the public peace, health and safety of the City and ita <br />itilyabitants and for the Further reason that itntaediate ieauance of eaid note is necessary <br />'!.o emble the City to retire an outstanding note and thereby to preaerve the credit <br />of t!r City; WHERKP'QREO it sha11 take egfect and be in force from and iaaediately <br />at't.er its pe?asW ar?d approval. <br />Pos"d ?al- 14 ?,. 1964 <br />et n o ounc <br />ApporCYved , 1964 <br />Attest <br />2 <br />ft <br />e o aunci <br />,,