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- 2 - <br /> <br />and for which purpose sadd money is hereby appropriated. Any premium and <br />accrued interest shall 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 7. 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 payment of the same. The par value to be <br />recezved 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 s. lt the taxable property in the City of Lakewood~ in addition to all <br />other 'taxes~ a direct tax annually not tess than that which would have been <br />levzed if bonds had been issued without the prior issue of such no't~. Said tax <br />shall be and is hereby ordered con~uted~ certified~ levied and exteaded <br />upon the -tax d,s&licate and collected by the same offieerS~ in the same manner <br />and at the same time 'that taxes for general purposes for each of said years are <br />certified~ extended an8 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 />duej 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 bo~ds 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 make it a !egal~ 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 constitutionat~ will have been exceeded in the issuance of said <br />note. <br /> <br /> Section 10. The Clerk of this Council is hereby direc~ted to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. That this ordinance~ hnving been declared to be an <br />emergency measure~ shall be in full force and effect from and i~mmediately <br />after its passage and approval by the Mayor. <br /> <br />Passed: July 3~ 1967 <br /> <br />Ch~rl_e~: <br />President of Council <br /> <br />Approved: ___~J_u_l~_ 3, 1967 <br /> <br />Grace R93 old~ <br /> Clerk of Council <br /> <br />Robert M. Lawther <br /> <br />Mayo:? <br /> <br /> <br />