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Section 7. Said notes shall be the full g~ueral obligation of the City <br />of Lakewood and the full faith~ credit and revenue of said City are hereby <br />pledged for the prompt payment of the same. The par value to be received <br />from the sale of the bonds anticipated by said notes and any excess f~uds <br />resulting from the issuance of said notes shall~ to the extent necessary~ be <br />used only for the retirement of said notes at maturity~ together with interest <br />thereon~ and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such notes run~ 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 <br />if bonds had been issued without the prior issue of such notes. Said tax <br />shall be and is hereby ordered computed~ certified~ levied and extended upon <br />the tax duplicate andcollected by the same officers, in the s~e manner and <br />at the same time that taxes for general purposes for each of said years are <br />certified~ extended and collected. Said tax shall oe placed before and in <br />preference to all other items and for the full amount thereof. The funds <br />derived from said tax levies hereby required shall be placed in a separate <br />and distinct fund which, together with the interest collected on the same, <br />shall be irrevocably pledged for the payment of the principal and interest <br />of said notes or the bonds in anticipation of which they are issued~ when <br />and as the same falls due. <br /> <br /> Section 9. It is hereby determined and recited that all acts, condi- <br />tions and things necessary to be done precedent to and in the issuing of <br />said notes in order to make them legal~ valid and binding obligations of the <br />City of Lakewood, have happened~ been done and performed in regular and due <br />form and as required by law; that no limitation of indebtedness or tax~tion~ <br />either statutory or constitutional~ will have been exceeded in the issuance <br />of said notes. <br /> <br /> Section lO. The Clerk of this Council is hereby directed to forward <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance~ having been declared to be an emergency <br />measure~ shall be in full force and effect from and immediately after its <br />passage and approval by the Mayor. <br /> <br />Passed: <br /> <br />'President of Council <br /> <br />Approved: <br /> <br />Clerk of Council <br /> <br />Mayor ' <br /> <br /> <br />