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~ ~ ~~ ~ <br />Section 6. Said note shall be the full general obligation of the City of <br />North Olmsted and the foil faith, credit and revenue of said City are hereby pledged <br />for the prompt payment of the same. The par value to be received from the sale of <br />the bonds anticipated by said note and any excess fund resulting from the issuance <br />thereof shall to the extent necessary be used only for the retirement of said note <br />at maturity, together with interest thereon, and is hereby pledged for such purpose. <br />Section 7. All assessments collected for the improvement aforesaid and any <br />unexpended balance in the i~ nt fund after all costs and expenses of such improve- <br />ment have been paid, shall be applied to the payment of said note and the interest <br />thereon until both are fully provided for. In the event such assessments are not <br />collected or bonds are not issued to provide for the payment of said note at maturity, <br />a general tax shall be levied against all of the property in said City for the payment <br />of such note and the interest thereon. <br />Section $. It is hereby determined that all acts, conditions and things required <br />to be done precedent to and in the issuance of said note, in order to make the same <br />a legal, valid and binding obligation of the City of ATorth Olmsted, have happened, <br />been done and performed in regular and due form as required by law; and that the amount <br />of indebtedness to be incurred by the issuance of said note does not exceed any <br />limitation of indebtedness now fixed by law. <br />Section g. The Clerk of Council is hereby directed to forward a certified copy <br />of this ordinance to the County Auditor. <br />Section 10. This ordinance is hereby declared to be an emergency measure necessary <br />for the preservation of the public peace, health and safety of the City and its <br />inhabitants aiad for the further reason that im¢nediate issuance of said note is necessary <br />to enable the City to pay the costs of construction of the improvement aforesaid and <br />thereby to preserve the credit of the City; wherefore, ~ shall take effect and be in <br />force from and immediately after its passage and approval. <br />Passed __ I ~ 196+ <br />,: <br />s~ <br />i <br />- I ~ c~....-„-... c_-~--~ ~ ~ ~ -~,- <br />Approved ~ ~il.~~ . 3 , 19~ <br />Mayor <br />Attest <br />I_ <br />