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r <br /> e <br /> Page ~{2 Ord. #lt251 <br /> Section 5. That for the purpose of providing the necessary funds to pay <br /> interest on the foregoing issue of bonds promptly when asd as the same falls <br /> due and, also, to provide a sum sufficient to scharge said serial bonds <br /> at maturity there shall be and is hereby levien all taxable property in <br /> the said City of Lakewood in addition to all o er taxes a direct tax <br /> annually during the period said bonds are to run in an amount sufficient to <br /> provide funds to pay interest upon said bonds as and when same falls due, <br /> and also, provide a fund for the discharge of the principal of said serial <br /> bonds at maturity, which tax shall be not less than the interest and sinking <br /> fund required by Section 11 of Article 12 of the Constitution. Said tax <br /> shall be and is hereby ordered computed, certified, .levied and extended <br /> upon the tax duplicate and collected by the same officers in the .same manner <br /> and at the same time that taxes for general purposes in each of said years <br /> are certified, extended and collected. Said tax shall be placed before and <br /> in preference to all other items and for the full amount thereof. The funds <br /> derived from said tax levy hereby required shall be placed with the Sinking <br /> Fund Commission of the City of Lakewood in a separate and distinct fund, <br /> which together with al]. interest collected on same, shall be irrevocably <br /> pledged for the payment of the interest and principal of said bonds when and <br /> as same falls due. <br /> Section 6. That the Director of Finance is hereby directed to forward a <br /> certified copy of this ordinance to the County Auditor. <br /> Section 7. Said bonds shall be first offered at par and accrued interest <br /> to the Sinking Fund Commission of the City of Lakewood in its offidal <br /> capacity and to the officers having chage of the treasury investment account <br /> and so many of the same as shall not be taken by said Commission and said <br /> officers shall be advertised and sold at public sale in the manner provided <br /> by law at not less than their par value and accrued interest thereon. <br /> Section 8. In advertising said bowls for sale, the advertisement shall state <br /> that anyone desiring to do so may present a bid or bids for said bonds based <br /> upon their bearing a different rate of interest than hereinbefore fixed, provided, <br /> however, that where a fractional rate is bid, .such fraction shall be one-quarter <br /> (1/1t) of one percent (1~) or multiple thereof. <br /> Section 9. That this ordinance is hereby declared to be an emergency measure <br /> for the reasons stated in the Preamble hereof and, provided it receives the <br /> affirmative vote of two-thirds (2/3) of all members elected to Council, it shall <br /> take effect and be in force immediately upon its adoption and approval by the <br /> Dayor. <br /> Adopted:^ April 17, 19Li1.G. Wm. R. Fairgrieve <br /> H. A. Rees <br /> <br /> - - pr» - a't <br /> Approved: April 17, 191t1.~ <br /> A. .I. Kauffman <br /> - Mayor <br /> <br />