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Section 7. Said notes shall be the full general obligation of <br />the City of Lakewood and the full faith, credit and revenue of said City <br />are hereby pledged for the prompt payment of the same. The par value to be <br />received from the sale of the bonds anticipsted by said notes end any <br />excess funds resulting from the issusnce of said notes shall, to the <br />extent necessary, be used only for the retirement of said notes at maturity, <br />together with interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such notes run, there shall <br />be levied on all the taxable property in the City of Lakewood, in addition <br />to all other taxes, s direct tax annually not less than that ~ich ~.~ould <br />have been levied if bonds had been issued without the prior issue of such <br />notes. Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in <br />the same manner and et the same time that taxes for general purposes for <br />each of said years are certified, extended end collected. Said tax shall <br />be placed before and in preference to all other items and for the full <br />amount thereof. The funds derived from said tax levies hereby required <br />shell be placed in a separate and distinct fund which, together with the <br />interest collected on the same, shsll be irrevocably pledged for the pay- <br />ment of the principal end interest of said notes or the bonds in anticipation <br />of which they are issued, ~hen end as the same falls due. <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 <br />of said notes in order to make them legal, valid and binding obligations <br />of the City of Lakewood, hsve happened, been done and performed in regular <br />and due form and as required by le~ that no limitation of indebtedness <br />or taxation, either statutory or constitutional, will have been exceeded <br />in the issuance of said notes. <br /> <br /> Section lC. The Clerk of this Council is hereby directed to <br />forward $ certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinanc% having been declared to be <br />an emergency measure, shall be in full force end effect from and immediately <br />after its passage and spproval by the Mayor. <br /> <br />Passed: Oct. 19, 1966 .... <br /> <br />Charles S. Huffmau~ Jr. <br /> <br />President of Council <br /> <br />Grace Reyuolds <br /> Clerk of Council <br /> <br />Robert Mo Lawther <br /> Mayor <br /> <br /> <br />