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Section $. Said note shall be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated b y said.. note and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon. and is hereby pledged for such purpose. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said note at mat- urity, a general tax shall be levied against all of the property in said City for the ;aaymerlt of suciz note and the interest thereon; provided, however, that during the year or years while such note runs there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the Cityts portion of said note, if bonds had been issued therefor without the prior issue of said note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes far general purposes for each of said years are certified, extended and collected. Said tax shall b e placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which together with the interest collected on the same, shall be irrevocably p~edged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued when and as the same falls due. Section 10. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11~ That Ordinance No. 2397, passed November 26, 1956, be and the aatt~e is hereby repealed. Section l2w This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the p ublic health, safety and welfare of said City and for the further reason that the immed- iate issuance and sale of the note herein authorized is necessary to enable the City to enter into a construction contract to provide the improvement described above which is urgently required to protect the health of the abutting owners and the inhab:.tants of the City that this ordinance be passed at once and shall take effect and be in force and effect immediately from and after its passage and approval by the I~iayor. PASSED: January / J , 1957• ATTEST: ~~~ ~~ µ E, Christman, Clerk of ouncil A~'PKOVED Charles B. ewis, IKa.yor umgaran of Coun U f' / ~ J ~ @/~ ~I .l~l~ ent t