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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 <br />obliga- <br />tions of the Villa g�e ofi North eOlmsted and tthe f full faithalcredi- <br />and revenue of said Village are hereb <br />g hereby .pledged for the prompt <br />Payment of the same. The par value to be received from the sale <br />of bonds anticipated .by said notes and any excess fund resulting <br />from the issuance of said notes shall, to the extent necessary, <br />be used only for the retirement of said notes at maturity, to- <br />gether with interest thereon, and is hereby pledged for such <br />Purpose. <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 funds at maturity, 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: December -, 1949. <br />Mayor <br />1 <br />