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note or notes and the interest thereon until both are fu11.y provided for. <br />Section Said note or notes sha11 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 ar notes shall be paid into the proper fuad <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 manner provided <br />by law. <br />Section g. Said note or notes sha~1. 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 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 is hereby pledged for such purpose. <br />Section In the event that such assessments are not levied or bands <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 />Section 10. The City Clerk is hereby directed to forward a certified <br />copy of this ordinance to the County Auditor. <br />Section 11. 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 immediately finance a needed improvement of a City street, and the dai]y <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 />PASS.EQ: <br />ATTEST t <br />~. <br />~___ <br />E. M. Christman,-Clerk o Oouncil <br />APPROVEDs <br />4 <br />C stance J. Ov t,.May or <br />W. Baumgardner, Pres <br />,3 <br />~` ~, <br />~ ~~ <br />~; <br />of Council <br />