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P Ordinance No. 63 ~-~5 t~ Page 2 special assessments. Such anticipatory note shall bear interest at the rate of three and one-half per centum per annum, payable one C1) year after its date. Such note shall be dated January 1, 1964, and shall mature December 31, 1964. Section 4: Such note shall be executed by the Mayor and Director of Finance and shall bear the seal of the corporation. It shall be payable at the office of the Director of Finance of the City of North Olmsted, and shall express upon its face the purpose for which it is issued and that it is issued in pursuance to this Ordinance. Section 5s Said note shall first be offered to the officer in charge of the Bond Retirement Fund for investment in such Fund, and if not taken by such Fund, shall be sold by the Director of Finance at private sale for not less than the par and accrued interest and at the interest rate specified in the offer of the purchaser which shall not exceed the rate mentioned in Section 3 hereof. The proceeds of such sale shall be paid into the proper fund and. used for the purpose for which said note is being issued under the provisions of this Ordinance. Any premium and accrued interest shall be credited to the Bond Retire- ment Fund to be applied to the payment of principal and interest of said note in the manner provided by law. Section 6: Said note shall be the full general obliga- tion of the City of North 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 the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 7: All assessments collected for the improve- ment aforesaid and any unexpended balance remaining in the Improve- ment Fund after the costs and expenses of such improvement have been paid shall be applied to the payment of said note and the interest thereon until both are fully provided for. In the event such assessments are not levied or bonds are not issued to provide a fund for the payment of said note at maturity, a general tax shall be levied against all of the taxable property in said City for the payment of such note and the interest thereon. Section 8: It is hereby determined and recited that all acts, conditions and things necessary to be done, precedent to and in issuing of said note in order to make it a legal, valid and binding obligation of the City of North Olmsted, have happened, been done and performed in regular, due form and as is required by law and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said note. Section 9: The Clerk of Council 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 emergency measure necessary for the preservation of the public peace, health and safety of the City and its inhabitants, and for the further reason that the immediate issuance and sale of the