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r Section 7. Said note or notes shall first be offered to the Treasurer of the-City and so many of the same as shall not be taken by said City Treasurer shall be sold at private sale by the City Auditor, but for not less than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon and the amount thereof necessary for the payment of interest prior to the maturity of said note or notes shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest and the amount necessary for the payment of interest prior to their maturity shall be trans- ferred to the Sinking Fund to be applied in the payment of the principal and interest on said note or notes in the manner provided by law. Section ~ Said note or notes shall be the full, general obliga- bons of the Citp o North Olmsted 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 bonds anticipated by said note or notes and anp excess fund resulting from the issuance of said note or notes shall, to the extent necessary, be used only for the retirement of said note or notes at maturity, together with interest thereon, and is hereby pledged for such p urpose. 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 or notes at maturity, a general tax shall be levied against all of the property of said City for the payment of said note or notes and the interest thereon. Section 10 The City Clerk is hereby directed to forward a certified copy of t~s ordinance to the County Auditor. Section 11. This ordinance is hereby declared to be an emer- gency measure, the emergency being that it is necessary for the immediate preservation of public health, peace, safety and welfare, and to borrow money immediately for the necessary improvement of a City street that this ordinance be passed at once and shall take effect and be in force and effect from and after its passage. PASSED:. January /J , 1957• ATTEST: E M. Christman, er o Council APPROq'ED _1~~~(~ Charles B". ewis, Mayor ` ...... •:.:.., _.4 y~..-we+~rw~x~~are11WAN NMIidMIRKb.`~'~IY1k'aih H:+.~. r'*~WMn n•....