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<br />-2- <br />the Bond Retirement Fund to '~ applied to the payment of the principal and interest <br />of said Hates in the manner provided by law. <br />Section 7. Said notes shall be the full general obligation of the City of forth <br />Olmsted and the full faith, credit and revenue of said City are hereby pledged Par the <br />prc~apt payment of the same . 'I~ie par value to be received from the sale of the bonds <br />anticipated by said notes and any excess fund resulting from the issuance of said <br />notes shall, to the extem(~ necessary, be used only for the retizmment of said notes <br />at maturity, together with interest thereon, and is hereby pledged for such purpose. <br />Section 8. During the period while such notes run there shall be levied on <br />all the taxable property in the City of North OJ~tsted, in addition to all other taxes, <br />a direct tax annually not less than that which would have been le#tied if bonds had <br />been issued without the prior issue of such notes; provided, that the amount of such <br />tax shall be reduced to the extent that surplus earnings of the sewerage system <br />shall be available and appropriated for the payment of interest and principal of <br />such notes or of the bonds anticipated thereby. <br />Section g. It is hereby determined tha~all acts, conditions and things <br />required to be done precedent to and in the issuance of said notes, in order to <br />make them legal, valid: and binding obligations of the City of North 4Lnsted, have <br />happened, been done and~;:prrrformed in regular and due foziu as required by law; and <br />that the amount of indebtednesstq be incurred by the issuance of said notes does <br />not exceed any limitation of indebtedness or taxation, either statutory or con- <br />stitutional. <br />Section 10. This ordinance is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, health and safety <br />of said City by reason of the fact that the prompt construction of the improve- <br />ments to be financed by said notes is essential to provide sanitary sewerage <br />facilities essential to the health of the City and the inhabitants thereof; <br />wherefore, said ort7.inance shall go into immediate effect upon its passage and <br />approval . <br />Passed ~ .~~(,QNUt~+iJ~Q.IU o~ ~~ 196+ <br />Approved G ~~~~ ~ ,~,~~ a 1 , 196+ <br />Mayor <br /> <br />t <br />t <br />. n, ca.~.-c.ao - <br />President o Council <br />f <br />~, <br />Attest ~~ ~ ,. ~..k'.~ <br />Clerk ~ Council <br />Rl ,;~ <br />