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Section b. 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 pro- ceeds from such sale, except any premium and accrued interest thereor: 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 transferred to the Sink- ing rund to be applied in the payment of the principal and interest on said note or notes in the manner provided by law. Section '7. Said note yr notes shall be the full, general obligations of the City of IJorth 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 anti- cipated by said note or notes and any 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 purpose. Section $. During the year or years while such notes run there shall be levied on all the taxable property in the City of i~torth Olmsted in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued with- out the prior issue of such notes. 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 for general purposes for each of said years are Qertified, extended and collected. maid tax shall be 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 dis- tinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they ar°e issued when and as the same fall due. Section 9. The City Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This Ordinance is hereby declared to be an emer- gency measure necessary for the public health, peace and safety and to provide immediately for the repair and remodeling the municipal shelter house in the Vorth Olmsted City Park and erecting an addition to said shelter house, designated as Shelter House Addition wo. 2, which is owned by the City of forth Olmsted, used by the general pub- lic and is of non-fireproof construction, and further an emergency exists by reason of the fact that it is more advantageous and economi- cal to make such repairs and addition before the bad weather of winter arrives. PaSSEll: October 13, 1953 ~ ~ , 3.G' ~~ J'~ -.,.n ,. ~--~ r ~;. Iti1. Chrirstman, Clerk of Council .E. Baumgardner, P e of Council APPROVED : ~ ~~..~ .----- \'t arence / viatt, ayo u G \ "\