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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 sale <br />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 <br />Fund to be applied in the payment of the principal and interest <br />on said notes in the manner provided by law. <br />Section 8. 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 bonds anticipated by said notes and any excess fund <br />resulting from the issuance of said notes shall, to the extent <br />necessary, be used only for the ' retirement of said notes at <br />maturity, together with Interest thereon, and is hereby pledged <br />for such purpose. <br />Section 90 In the event that such assessments are' <br />not levied or bonds are not issued to provide a fund for the <br />payment of said notes at maturity, a general tax shall be levied <br />against all of the property of said Village for :the payment of <br />said notes 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 />Sectionn, 110 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, that this ordinance be passed at Yonce and shall <br />take effect and be in force from and after its passage. <br />Passed: <br />August 1, 1950. <br />Clerk <br />dv , I <br />3 <br />P <br />