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<br /> <br />~ectio b All assessments collected for the improvement afore <br />said and unezpenalance r®ma.ining is the fund after the cost and <br />expense of said improvement hss been paid shall b® applied to the pay- <br />ment of said note or notes and the interest thereon until both are fully <br />provided for. <br />Se~~~-i Said note or notes shabt first be offered to the <br />Treasurer of the ty and so many of the see as shall not be takes <br />by said City Treasurer shall be sold at private sale by the City Asditor~ <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 they payffiBnt of interest print to the maturity of <br />said nobs or notes shall be paid into the proper food and ~aed for the <br />purpose aforesaid and for no other purpos®. Any pre.um awl aceruad <br />interest and the amount necessary for the payment of i•rest prior to <br />their maturity shall be transferred to the Sinking Viand to be applied <br />in the payment of the principal and interest on said note or notes in <br />the manner provided by lam. <br />S®c~ ~.® Said note or notes shall be the full general <br />obligations o ~ t +~ ity of North Olmsted and the full fait~i, credit and <br />revenue of said City are hereby pledged for the pranpt pay~tent Qf the <br />saffie. The par value to be received from the sale of bonds anticipated <br />by said note or notes a~i any excess fund resulti from the issuance <br />of said note or notes shall, to the extent necessary, be need only <br />for the retirement of said note or notes at maturity', together with <br />i~tere~t thereon, and is hereby pledged for such purpose. <br />..coon In the event that such assessments are not levied <br />or bonds are not sewed 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 ~~ The City Clerk is hereby directed to forward a <br />certified co~ p ~ t. s ordinance to the County Auditor. <br />Section 11,,,~,This ordinance is hereby declared t <br />gency measure. , tie emergency being that it is ne~cs-~rsary f` <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 a <br />and effect from and after its passage <br />o be an emer- <br />®r the diets <br />asd to borroK <br />street that <br />nd be in force <br />PASSED:: December b , 1955. <br />ATTEST <br />Clerk <br />of o c i . <br />auk ardn , esident <br />of Counc <br />APFROSTED <br />ar es ~~ s ~ o <br />Y <br />\~\~ / <br />~/~-' V~ <br /> <br />