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-2"' <br /> <br /> Section 6. ~my unexpended balance remaining in the improvement fund <br />after the costs aud expenses of said improvements have been paid, shall be <br />applied to the payment of said note and the interest thereon until both are <br />fully provided for. <br /> <br /> Section 7. Subject to the rejection of said note by the Director of <br />Finance for investment in the Bond Retirement Fund~ said note sh~ll be and <br />hereby is awarded and sold to The Union Commerce Bank at the par value thereof; <br />~nd 'the Director of Finance is hereby authorized and directed to deliver said <br />note~ when executed, to the purchaser upon payment of such purchase price. <br />The proceeds of such sale shall be paid into the proper fund and used for the <br />purpose for which said note is being issued under the provisions of this <br />ordinance. <br /> <br /> Section 8. Said note shall be the full general obligation of the <br />City of Lakewood and the full faith, credit and revenue of said City ~re here- <br />by pledged for the prompt payment of the same. The par value to be received <br />frora the sale of the bonds anticipated by said note ~nd any excess funds re- <br />sulting from the issuance of said note shall to the extent necessary be used <br />only for the retirement of said note at maturity~ together with interest <br />thereon, and is hereby pledged for such purpose. <br /> <br /> Section 9. During the year or years while such note runs there <br />shall be levied on all the taxable property in said City~ in addition to all <br />other taxes, a direct tax annually not less th~n that which would have been <br />levied if bonds had been issued therefor without the prior issue of said note. <br /> <br /> Said tax shall be and is hereby ordered computed, certified, levied <br />~nd extended upon the tax duplicate and collected by the same officers, in the <br />same m~nner and at the same time that taxes for general purposes for each of <br />said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to all oVher items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be plmced in a <br />separate and distinct fund, which~ together with the interest collected on the <br />same, shall be irrevocably pledged for the payment of the principal and <br />interest of said note or the bonds in anticipation of which they are issued <br />when and as the same fall due. <br /> <br /> Section lO. The Clerk of this Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance, having been declared to be aa emer- <br />gency measure, shall be in full force and effect from and immediately after <br />its passage and approval by the Mayor. <br /> <br />Passed:. <br /> <br />Juue ~0, 1966 <br /> <br /> Robert E. Wendling <br />Vice" President of Council <br /> <br />Approved: <br /> <br />June 20, 1966 <br /> <br />Grace McKay <br /> Clerk of Council <br /> <br /> Robert M. Lawther <br /> M~Mor <br /> Or~,.~,['~ANCE NO. ,.~'~ g~ <br />I HEREBY CERTIFY THiS RF.~~. <br />TO Bg A TRUE COPY OF THE ORIGINAL. <br /> <br /> CLERK OF C~UNCiL <br /> <br /> <br />