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Ordinance No. 63 `'-~ ,~ f:~7 Page 2 Section ~: That for the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and. is hereby levied on all the taxable property is said City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal. of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Article XII, Section 11 of the Constitution of Ohio. Section S: Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items ~.nd for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which together with all interest collected on the same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due. Section 6: That said bonds shall be first offered at par and accrued interest to the officer in charge of the Bernd Re- tirement Fund for investment in said fund, and if said officer refuses to take any or all of said bonds, the bonds not so taken shall be advertised for public sale and sold in the manner pro- vided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon shall be used for the purpose aforesaid and for no other purpose; the premium and accrued interei~t received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds in the Benner provided by law. Section 7: Tt is hereby determined that all acts, con- ditions and things necessary to be done precedent to and in the issuing of these bonds in order to make them legal, valid and binding obligations of said City have happened, been done and performed in regular and due form as required by law, that the faith, credit and revenue of said City are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, has been exceeded in issuing these bonds. Section 8 That the Clerk of Council is hereby directed to forward a certified copy of this Ordinance to the County Auditor. Section 9; That this Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety and for the further reason that it is urgently necessary to provide funds for the purchase of buses, tyres and equipment for the municipal coach line in order