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thereon, shall be paid into the proper fund and used for the <br />purpose aforesaid and for no other purpose. Any premium and <br />accrued interest shall be transferred to the Sinking Fund to <br />be applied to the payment of principal and interest of said <br />notes in the manner provided by law. <br />Section 7. Said notes shall be the full general <br />obligation of the Village of North Olmsted and the full faith, <br />credit and revenue of said Village are hereby pledged for the <br />Prompt payment of the same. The par value to -be received from <br />the sale of the bonds anticipated by_.said notes and.any excess <br />fund resulting from the issuance of said notes shall to the <br />extent necessary be used only for the retirement of said notes <br />at maturity, together with interest thereon, and is hereby <br />Pledged for such purpose. <br />Section 8. During the year or years while such notes <br />run there shall be levied on all the taxable property in the <br />Village of North Olmsted, in addition to all other taxes, a <br />direct tax annually not less than that which would have been <br />levied if bonds had been issued without the prior issue of <br />such notes. <br />Said tax shall be and is hereby ordered computed, <br />certified, levied and extended upon the tax duplicate and <br />collected by the'same officers, in the same manner and at the <br />same time that taxes for general purposes for each of said <br />years are certified, extended and collected. Said tax shall <br />be placed before and in preference to all other items and for <br />the full amount thereof. The funds derived from said tax- levies <br />hereby required shall be placed in a separate and distinct <br />fund which, together with the interest collected on the same, <br />shal'1 be irrevocably pledged for the payment of the principal <br />and interest of said notes or the bonds in anticipation of which <br />they are issued when and as the same fall due. <br />Section 9. The Village Clerk is hereby directed to <br />forward a certified copy of this ordinance to the County Auditor. <br />Section 10.9 This ordinance is hereby declared to be <br />an emergency measure, the emergency being that it is necessary <br />for the daily operation of a municipal department of the Village <br />and for the immediate preservation of public health, peace, <br />safety and welfare, that this ordinance be passed at once and <br />shall take effect and be in force from and after its passage. <br />Passed* September 13, 1949. I <br />