Schwinn Stingray bicycle vintage (originally pink?)

Description

Schwinn Stingray
20 inch wheels
banana seat with flowers
Upright bars
chrome fenders
All original, except a rattle-can paint job, appears to be pink underneath where some of the spray-paint has rubbed off.
I rubbed one of the S-7 rims and the rust came right off, (see photo) more elbow grease would make them both shine.
Original tires hold air
Ride as is or do a complete restoration.
serial number on lower drive side head tube is very faint, but could read:
JO48217 or JO49317
If anybody knows if this is correct, or what the correction might be, please inform us.
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