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Order. ~3757 <br /> <br />Page fi2 <br /> <br />Sect.on 5. <br /> <br />Section 6. <br /> <br />Section V. <br /> <br />Section <br /> <br />~ect~on 9. <br /> <br />SectiOn 10. <br />Section ll. <br /> <br />~dopted. <br /> <br />Such notes st~ll be prepared by the Director of Law and <br />shall be executed by the ~ayor and Director of Finance <br />and bear the seal of the corporation. They shall have <br />coupons attached bearing the facsimile signature of the <br />Director of ~inance of the City. They shall be designated <br />"Municipal Garage Notes" and shall be payable at the <br />office of the Sinking Fund Commission of the City of <br />Lakewood; they shall express upon their face the purpose <br />for w~ich t~ey are issued and that they are issued pursuant <br />to thms Ordmnance. <br /> <br />Said notes shall be first offered to the Sinking Fund <br />Commission of the City of Lakewood, and so many of the same <br />as shall not be taken by said Sinking Fund Commission shall <br />be sold at private sale by the Director of Finance and the <br />~ayor, but not for less than par and accrued interest, and <br />the proceeds from such sale, except any premiums and accrued <br />interest thereon, and the amounts thereof necessary for the <br />payment of interest prior to the maturity of the notes, <br />shall be paid into the proper fund and used for the purpose <br />aforesaid and for no other purpose. Auy premium and <br />accrued interest and amount necessary for the payment of <br />interest prior to their maturity shall be transferred to the <br />Sinking Fund to be applied on the payment of the principal <br />and interest of said notes in the manner provided by law. <br /> <br />Said notes shall be the full general obligation of the City <br />and the full faith, credit and revenue of said City are <br />hereby pledged for the prompt payment of the ss~_e. The <br />par value to be received from the sale of the bonds <br />anticipated by said notes and any e~cess fund resulting <br />from the issuance of sai~ notes, to the extent necessary, <br />shall be used only for the retirement of said notes at <br />maturity; together with interest thereon, and is hereby <br />pledged for such purpose. <br /> <br />During the year or years while such notes run there shall be <br />levied on all taxable property in the City, in addition to <br />all other taxes, a direct tax annually not less th~u that <br />which would have been levied if bonds had been issued with- <br />out the prior issue of such notes. <br /> <br />Said tax shall be and is hereby ordered to be computed, <br />certified, levied and extended upon the tax duplicate and <br />collected by the san~e officer in the same manner and at <br />the same time that taxes for general purposes for each of <br />said years are certified, extended and collected. Said <br />tax shall be placed before and in preference to all other <br />items and for the full amotunt thereof. The funds derived <br />from said tax levy hereby required shall be placed in a <br />separate and distinct fund, which, to~ether with the <br />interest collected on the same, shall be irrevocably pledged <br />for the pa~ment of the principal and interest of said notes <br />or the bonds in anticipation of which they are issued when <br />and as the same fall due. <br /> <br />The Director of Finance is hereby directed to forward a <br />certified copy of this ordinance to the County Auditor. <br /> <br /> This ordinance is hereby declared to be an emergency measure <br /> for the reasons stated in the preamble and shall be in full <br /> force and effect upon its passage and approval and at the <br /> earliest period allowed by law. <br /> <br />Ju~y, 18~ 1938,., , W.H. Fahrenbach <br /> Fresident <br /> <br />A.i. i~auf fman <br /> <br />H.,~ Rees <br /> Clerk <br /> <br />APPROVED: <br /> <br /> <br />