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<br /> <br />~i6°~i <br /> <br />• <br />i <br /> <br />Section 6. All assessments collected for the improvement aParesaid, <br />and any unexperxied balance remaining in the improvement fund after the costs <br />and expenses of said improvement have bran paid, shall be applied to the <br />payment of said note and the interest thereon until both are fully provided. <br />for . <br />Section 7. Sub~eet to the rejection of said note oy the Director <br />of 1~inance Por investment in the Borxi. Retirement F`urd, said note shall be <br />and hereby is awarded and sold to The National City Bann of Cleveland, <br />Cleveland, Ohio, at the par value thereof; and the Director of Finance is <br />hereby authorized and directed to deliver said note, when executed, to said <br />purchaser upon payment of such purchase price. The proceeds c~i` such sale <br />sha11 be paid into the proper fund anti. used for the purpose for which. <br />said note is being issued under the provisions of this ordiranr:e. <br />s <br />Section 8. Said note shah be the f"ull genera~i obligation oP the <br />City and the full faith, credit ar~d revenue of said City are hereby <br />pledged for the praspt payment of the same. The par value to be received <br />Prow the sale of the horde anticipated by said note and s,ny excess funds <br />resulting from the issusnce of said note shall to the extent necessary be <br />used only for the retirement of said. note at maturity, together with in~ <br />terest thereon, and is hereby pledfzed for such purpose. <br />Section q. In the event that such assessments are not levied or <br />horde are Hat issued to provide a fund far the pe,yment of said note ~t <br />ejaturity, a general tax shall be levied against al? of the property in <br />said City for the payment of such Hate and the interest #.hereor:» <br />Section 10. The Clerk of Council is hereby directed to forward a <br />certified copy of this ordinance to the County Auditox°. <br />Section 11. This ordinance is hereby declared to be an emergency <br />measure necessary far the immediate preservation oP the public health, <br />safety and welfare of said City by reason of the Pact that the prompt <br />construction of the improveQents to be financed by said notes is essential <br />to provide sanitary sewerage fac~.lities essential to the health of the <br />City and the inhabitants thereof; wherefore this ordinance shall. be in <br />full force and effect from and imaedaately after its passage and approval <br />by the Mayor. <br />Passed: March 15, 1866 <br />Attest: <br />Clerk of Counc ~~ <br />President o Cauncl <br />1g6E <br />Approved <br />Mayor <br />