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or notes and the interest thereon until both are fu]1,y provided for. <br />Section Said note or notes shall first be offered to the Treasurer <br />of the City .and so many of the same as shall not be taken by said City Treasurer <br />shall be sold at private sale by the City Auditor, but for not less than par and <br />accrued interest, and the proceeds from such sale, except any 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 and for no other purpose . Any premium and <br />accrued 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 in the <br />payment of the principal and interest on said note or notes in the mariner provided <br />by law. <br />Sec,~,tion ~. Said note or notes shall be the fu1.]., 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 prorcnpt payment of the same. The par value to be <br />received from the sale of bands 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 is hereby pledged for such purpose. <br />Section Tn the event that such assessments axe not levied ar bonds <br />are not issued .to.provide afund 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 />Section 10. The City Clerk is hereby directed to forward a certified <br />copy of this .Ordinance to the County Auditor. <br />Section l1. This 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 for the borrowing of <br />funds to im¢nediate],Y finance a needed improvement of a City street, and the daily <br />operation of the 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 />PASSED: ~'`" , ,~ ~ 9 J .- ~ <br />ATTEST: <br />~ ~ ~ <br />E. hristman,.Clerk of Council <br />~~~ , r . <br />j;> <br />C/C/ f~ ~ <br />E.~4i. Baumgardner, Pres <br />APPI30VED: <br />arenee J. iatt, Mayor <br />~~ q ~ <br />of Counc i1 <br />