10-67 BAN - clear property for off street parking

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-2- Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of Continental Illinois National Bank and Trust Company of Chicago, Chicago, Illinois and shall express upon their face the purpose for which they were issued and that they are issued pursuant to this ordinance. Section 6. Said notes shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shall be sold to Hayden, Miller & Co. at par and accrued interest, and the proceeds from such notes~ except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose ~foresaid and for no other purpose, and for which purpose said money is hereby appropriated. Any premium and accured interest shall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said notes in the manner provided by law. Section 7. Said notes shall be the full general obligation of the City of Lakewood and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and say excess funds resulting fremthe issuance of said notes shall, to the extent necessary, be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run, there shall be levied on all the t~xeble property in the City of Lakewood, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes. Said tax shall be sad is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified~ extended and collected. Said tax shall be pla~ed before and in preference to all other items and for the full amouut thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bondS in anticipation of which they are issued, when and as the same falls due; provided, however, that in each such year to the extent that surplus parking revenues are available for the payment of such notes and bonds and are appropriated for such purpose, the amount of tax shall be reduced by the amount of such funds so available and appropriated. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said notes in order to make them legal, valid and binding obligations of the City of Lakewood, have been done and performed in regular and due form as required by law; and that no limitation of indebte~dness or taxation, either statutory or constitutior~al, ~illhave been exceeded in the i~snance of said notes.