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-2 - <br /> <br /> Section 7. Said note 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 <br />be received from the sale of the bonds anticipated by said note and any <br />excess funds resulting from the issuance of said note shall, to the <br />e~ent necessary, be used only for the retirement of said note at m~turity~ <br />together with interest thereon~ and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such note runs~ there shall <br />be 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 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 at the same time 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 <br />amount thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate and distinct fund which, together with the <br />interest collected on the same~ shall be irrevocably pledged for the pay- <br />ment of the principal and interest of said note or the bonds in anticipation <br />of which it is issued~ when and 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 note in order to make it a legal, valid and binding obligation <br />of the City of Lakewood~ have happened, been done and performed in regular <br />and due form and as required by law; that no limitation of indebtedness <br />or taxation~ either statutory or constitutional, will have been exceeded <br />in the issuance of 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 11. That this ordinance, b~ving been declared to be <br />an emergency measure, shall be in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br />~ovember 2~0, 196,7 <br /> <br />Vice <br /> <br />Rober~ Wendling <br />President of Council <br /> <br />Approved: November 20, 1967 <br /> <br />Grace Reynolds <br /> Clerk of Council <br /> <br />Robert M. Lawther <br /> <br />Mayor <br /> <br /> <br />