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Section 6. All assessments collected for the improvement afore- <br />said and unexpended balance remaining the the fun after the cost and <br />expense of said improvement has been paid shall be applied to the pay- <br />ment of said note or notes and the interest thereon until both are Rally <br />provided for. <br />Section_ ~ Said note or notes shall first be offered to the <br />Treasurer of tie ~.ty and so many of the same as shall not be taken <br />by said City Treasurer shall be sold at private sale by the City Auditor, <br />but not for less than par and accrued interest, and the proceeds from <br />such sale, except any premium and accrued interest thereon and the amount <br />thereof necessary for the payment of interest prior to the maturity of <br />said note or notes shall be paid into the proper fund and used for tYie <br />purpose aforesaid and for no other purpose. Any premium and accrued <br />interest and the amount necessary for the payment of interest prior to <br />their maturity shall be transferred to the Sinking Fund to be applied <br />in the payment of the principal and interest on said note or notes ir.~ <br />the manner provided by law, <br />Section $. Said note or notes shall be the full, general <br />obligations of t e City of North Olmsted and the full faith, credit and <br />revenue of said City are hereby pledged for the prompt payment of the <br />same. The par value to be received from the sale of bonds anticipated <br />by said note or notes and any excess fund resulting from the issuance <br />of said note or notes shall, to the extent necessary, be used only <br />for the retirement of said note o r notes at maturity, together with <br />interest thereon, and is hereby pledged for such purpose. <br />Section 9. In the event that such assessments are not levied <br />or bonds are not issued to provide a fund for the payment of said note <br />or notes at maturity, a general tax shall be levied against all of the <br />property of said City for the payment of said note or notes and the <br />interest thereon. <br />Section .10. The City Clerk is hereby directed to forRa.rd a <br />certified copy o t~is ordinance to the County Auditor. <br />Section 11. This ordinance is hereby declared to <br />gency measure, the emergency being that it is necessary fo <br />preservation of public health, peace, safety and welfare, <br />money immediately for the necessary improvement of a City <br />this ordinance be passed at once and shall take effect and <br />and effect from and after its passage. <br />PASSED: ~~~~ Y rv , 2956• <br />ATTEST: <br />.,~"'~°} <br />.~___-----. r <br />E, Christman, Clerk of Council <br />APPROVED: <br />.~ <br />arle~bewis, yor <br />be an emer- <br />y the immediate <br />and to borrow <br />street that <br />be in force <br /> <br />of Courr'ci~. <br />/ ~ ~O <br />J <br />R~~ <br />b ~' ~ ' <br />~~~ <br />den' <br />