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sha]1 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 tine paym~izt 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 sha11 be transferred to the Sinking Fund to be applied in the <br />payment of the principal and. interest on said note or notes in tine manner provided <br />by law. <br />Section ~. Said note or notes sha11 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 payment of the same. The par val.u,e to be <br />received from the sale of bonds anticipated by said note or notes and arty excess <br />fund resulting from the issuance of said note or notes shall, to the extent <br />necessary, be used onl„V for the retirement of said note or notes at maturity, <br />together with interest therean, and is hereby pledged for such purpose. <br />Section 9. In the event that such assessments are not levied or bonds <br />are not issued . to provide a fuzed for the payment of said note or notes at maturity, <br />a general tax shall be levied against a11. 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 11. Tizi.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 for the borrowing of <br />funds to innnediately 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 sha11 take effect and be in force from and after its passage. <br />PASSED: 9 - ~ - ., <br />ATTEST: <br />. M. Chr tman, . erk of Council <br />APPROVED; <br />t <br />ence-J. tt, .Mayor <br />y <br />~' <br />