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Section 7. Said note shall be the full gen~ral obligation of the <br />City of Lakewood and the full faith~ credit and revenue of said City are <br />hereby pledged for the prompt payment of the same. The par value to be <br />received from the sale of the bonds anticipated by said cote and any excess <br />funds resulting from the issuance of said note shall~ to the extent necessary~ <br />be ~sed only for the retirement of said note at maturity~ togehher with <br />interest thereon~ and is hereby pledged for such puz'pose. <br /> <br /> Section 8. During the years while such note runs~ there shall be <br />levied on all vhe 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 and is hereby ordered compute% certified~ levied <br />and extended upon the tax duplicate and collected by the same officers~ in <br />the same manner and at the same tin~ that taxes for general purposes for <br />each of said years are certified~ extended and collected. Said tax shall <br />be placed before and in preference to all other items and for the full amount <br />thereof. The f~nds derived from said tax levies hereby required shall be <br />placed in a separate and distinct 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 amd recited that all ac~s~ 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 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 <br />said note. <br /> <br /> Section 10. The Clerk of this C0unci] is hereby directed to <br />forward a certified copy of this ordinance 'bo the Counvy Auditor. <br /> <br /> Section ll. That this ordinance~ having been declared to be an <br />emergency measure~ shall be in full force and effect fro~a and immediately <br />after its passage and approval by the Mayor. <br /> <br />Passed: <br /> <br />July 3, 1967 <br /> <br />Charles S. Huffman, Jr. <br /> <br />President of Council <br /> <br />Approved: J~u_ly 3, 1967 <br /> <br />C=ace Re_.y~old~s .......... <br /> Clerk of Council <br /> <br /> <br />