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-2- <br /> <br />and for which purpose said money is hereby appropriated. Any premium and <br />accrued interest sh~ll be transferred to the Bond Retirement Fund to be <br />applied in the payment of principal and interest of said note in the manner <br />provided by law. <br /> <br /> Section ?. 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 pa~vment 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 <br />interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such note runs~ there shall be <br />levied on all the t~xable property in the City of Lakewood, in addition to all <br />other taxes, a direct tax annually not less than that which would have been <br />levied if bonds had been issued without the prior issue of such note. Said tax <br />shall be shall be and is hereby ordered computed, certified, levied and extended <br />upon the tax duplicate and collected by the same officers, in the seme msnner <br />and at the same time that taxes for general purposes for each of said years are <br />certified, extended and collected. Said tax shall be placed before and in <br />preference to all other items and for the full amount thereof. The funds de- <br />rived from said tax levies hereby required shall be placed in a separate and <br />distinct fund which, together with the interest collected on the same, shall be <br />irrevocably pledged for the payment of the principal and interest of said note <br />or the bonds in anticipation of which it is issued, when and as the same falls <br />due; provided, however, that in each year, to the extent that the income from <br />the hospital is available for the payment of such note and bonds and is <br />appropriated for such purpose, the amount of such tax shall be reduced by the <br />amount of such income so available and appropriated. <br /> <br /> Section 9. It is hereby determined and recited that all acts, <br />conditions and things necessary to be done precedent to and in the issuing of <br />said note in order to ma~e it a legal~ valid and binding obligation of the <br />City of Lakewood, have been done and performed in regular and due form as <br />required by law; and that no limitation of indebtedness or taxation, either <br />statutory or constitutional~ will have been exceeded in the issuance of said <br />note. <br /> <br /> Section 10. 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 an <br />emergency measure~ sh~11 be in full force and effect from and immediately <br />after its passage and approval by the May0~. <br /> <br />Passed: Ausust 1, 1966 <br /> <br />Charles S. Huffman, Jr~ <br /> President of Council <br /> <br />Approved: August 1, 1966 Grace Reynolds <br /> Clerk of Council <br /> <br />Robert M. Lawther <br /> M~yor <br /> <br /> <br />