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-2- <br />purpose aforesaid and for no other purpose~ and for ~ich purpose said money is <br />hereby appropriated. Any premium and accrued interest shall be trausferred to the '. <br />Bond Retirement Fuud to be applied in the payment of principal and interest of said <br />note in the manner provided by law. <br /> <br /> Section 7. Said note shall be the full general obligation of the <br />City of Lakewood and the full faith~ credit and revenue of said City are <br />hereby pledged for the prompt payment of the same. The par value to be <br />received from the sale of the bonds anticipated by said note and any excess <br />funds resulting from the issuance of said note shall, to the extent necessary, <br />be used only from the retirement of said note at maturity, together with interest <br />thereon~ and is hereby pledged for~such purpose. <br /> <br /> Section 8. During the years while such note runs, there shall be levied <br />on all the taxable property in the City of Lakewood, in addition to all other <br />taxes, a direct tax annually not less than that which would have been levied if <br />bonds had been issued without the prior issue of such note. Said tax shall be <br />and is hereby ordered computed, certified~ levied and extended upon the tax <br />duplicate and collected by the same officers, in the same manner ~nd at the same <br />time that taxes for general purposes for each of said years are certified~ extended <br />and collected. Said tax shall be placed before cud in preference to all other <br />items and for the full amount thereof. The funds derived from said tax levies <br />hereby required shall be placed in a separate and distinct fund which, together <br />with the interest collected on the same, shall be irrevocably pledged for the <br />payment of the principal and interest of said note or the bonds in anticipation <br />of which it is issued~ when and as the same falls due; provided, however~ that in <br />each year, to the extent that the income from the hospital is available for the <br />payment of such note and bonds and is appropriated for such purpose, the amount <br />of such tax shall be reduced by the amount of such income so available and <br />appropriated. <br /> <br /> Section 9- It is hereby determined and recited that all acts, conditions <br />and things necessary to be done precedent to and in the issuing of said note in order <br />to make it a legal, valid and binding obligation of the City of Lakewood~ have <br />been done and performed in regular and due form as required by law~ and that no <br />l~itation of indebtedness or taxation, either statutory or constitutional, <br />will have been exceeded in the issuance of said note. <br /> <br /> Section lO. The Clerk of this Council is hereby directed to fo~ard a <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. That this ordinance, having been declared to be an <br />emergency measure, shall be in full force and effect from and immediately after <br />its passage and approval by the Msyor. <br /> <br />Passed: August 9, 1965 <br /> <br />John Gaydos, Jr. <br /> <br />President of Council <br /> <br />Approved: August lO, 1965 <br /> <br />Mary Adams <br /> Clerk of Council <br /> <br />Robert M. Lawther <br /> Mayor <br /> <br /> <br />