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-2- <br /> <br /> Section 7. Said note shall be the full general obligation of the <br />City of Lakewood and the ftull faith, credit and revenue of said City are <br />hereby pledged for the prompt payment of the s~ne. 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 for the retirement of sa&d 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 rims, there shall be <br />levied on all the taxable property in the City of Lakewood, in addition <br />to all other taxes, a direct tax annually not less than that which would <br />have been levied if bonds had been issued without the prior issue of such <br />note. Said tax shall be end is hereby ordered computed, certified, levied <br />aud extended upon the tax duplicate end collected by the same officers, in <br />the same manner and at the same time that ta~.~es for general purposes for <br />each of said years are certified~ extended and collected. Said tax sh~ll <br />be placed before and in preference to all other items end for the full amount <br />thereof. The funds derived from said tax levies hereby required shall be <br />placed in a separate smd ~istinct Fund which, together with the interest <br />collected on the same, shall be irrevocably pledged for the payment of the <br />principal and interest of said note or the bonds in anticipation of which <br />it is issued, when 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 note in order to make it a legals valid and binding obligation of the <br />City of LaJ~ewood, 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 constit~tlonal, will have been exceeded in the issuance of <br />said note. <br /> <br /> Section 10. The Clerk of this Council is hereby directed to <br />forward 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, shall be in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br />President of Council <br /> <br />Clerk of Council <br /> <br />Mayor <br /> <br /> <br />