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<br />shall be sold at private sale by the City Aur3,itor~~ but for not less than par and <br />accrued interest, and the proceeds from such sale, except anq premium and accrued. <br />interest thereon and the amount thereof necessary for the payment of interest <br />prior to the maturity of said note or notes shall be paid into the proper fund <br />and used. for the purpose aforesaid anal for no other purpose. gny premium and <br />accrued interest and the amount necessary fox the payment of interest prior to <br />their maturity shall be transferred to the Sinking Fund to be applied in the <br />payment of the principal and interest on said note or notes in the manner provided. <br />by law. <br />Section ~. Said note or notes shall be the full, general obligations <br />of the City of .North Olmsted and the full faith, credit and revenue of said City <br />~~;:, are hereby pledged for the prompt paym+ant of the same. The par value to be <br />received from the sale of bonds anticipated by said note or notes and any excess <br />fund resulting from the issuance of said note or notes shall, to the extent <br />necessary, be used only for the retirement of said note or notes at maturity, <br />together with interest thereon, and i.s hereby pledged for such purpose. <br />Section In the event that such assessments are not levied or bonds <br />are not issued to provide a fund for the payment of said note or notes at maturity, <br />a general tax shall be levied against all of the property of said City for the <br />payment of said note or notes and the interest thereon. <br />Sect- ian 10. The City Clerk is hereby directed to forward a certified <br />copy of this prdinance to tine County Auditor. <br />Sect___~,_ion 11. Th3.s Ordinance is hereby declared to be an emergency <br />measure, the -emergency being that it is necessary for the immediate preservation <br />of public health, peace, safety and welfare, and to provide fox the borraWing of <br />funds to immediately finance a needed improvement of a City street, and the daily <br />operation of tine municipal departments of the City, that this Ordinance be passed <br />at once and shall take effect and be in force from and after its passage. <br />/ p <br />ATTEST: <br />j~ <br />. M. hristman,.Clerk of Covrieil <br />..Baumgardner, Prest}~nt of Council <br />i..- <br />APPROVIDt <br />i <br />-. <br />arence . J iatt, Mayor <br />,~'~C~ <br />f q <br />