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2. <br />Section 6. All assessments collected for the improve- <br />ment aforesaid and unexpended balance remaining in the fund <br />after the cost and expense of said improvement have been paid <br />shall be applied to the payment of said notes and the interest <br />thereon until both are fully provided for. <br />Section 7. Said notes shall first be offered to the <br />Treasurer of the Village and so many of the same as shall not <br />be taken by said Village Treasurer shall be sold at private <br />sale by the Village Clerk, but for not less than par and accrued <br />interest, and the proceeds from such sale, except any premium <br />and accrued interest thereon and the amount thereof necessary <br />for the payment of interest prior to the maturity of said notes, <br />shall be paid into the proper fund and used for the purpose <br />aforesaid and for no other purpose. Any premium and accrued <br />interest and the amount necessary for the payment of interest <br />Prior to their maturity shall be transferred to the Sinking Fund <br />to be applied in the payment of the principal and interest on <br />said notes in the manner provided by law. <br />Section 8. <br />tions of the Village <br />and revenue of said <br />payment 'of the same. <br />of bonds anticipated <br />from the issuance of <br />be used only for the <br />gether with interest <br />purpose. <br />Said notes shall be the full, general obliga- <br />of North Olmsted and the full faith, credit <br />Tillage are hereby pledged for the prompt <br />The par value to be received from the sale <br />by said notes and any excess fund resulting <br />said notes shall, to the extent necessary, <br />retirement of said notes at maturity, to- <br />thereon, end is hereby pledged for such <br />Section 9. In the event that such assessments are not <br />levied or bonds are not issued to provide a fund for the payment <br />of said notes at maturit a general tax shall be levied against <br />all of the property of said Village for the payment of said notes <br />and the interest thereon, <br />Section 10, The Village Clerk is hereby directed to <br />forward a certified copy of this ordinance to, the County Auditor, <br />Section 11. This ordinance is hereby declared to be <br />an emergency measure, the emergency being that it is necessary <br />for the immediate preservation of public health, peace, safety <br />and welfare, and the daily operation of the municipal departments <br />Of the Village, that this ordinance be passed at once, and shall <br />take effect and be in force from and after its passage. <br />Passed: . April 4, 1950. <br />S <br />