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<br /> Section 5. 5.'iat such notes sbail %e executed 0y the M~yor and
<br />Diz,ector of Finance and bear u:~e seal of vhe corporation. They shall be pay--
<br />able as 're both prinaipa.~ au& inter'est in Faderal Reserve funds of the ~ited
<br />States o~ .%nerica at the off, ice of Franklin Nation~k Bank~ [ca~.z York~ New
<br /> ' t ~"~ t~e"_~' ~['aces the ~uroose '~'~'.' which they a~e
<br />York~ and shaz! ~.~[.'~.~s .p ..... '
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<br />Sec% .,m C. ~,ii nob, as shall be first offered to the Director of
<br />Finance s,s oi%L.':.,~ i? charge el' tn~ ~o_~a Retirement Pund~ arid if ,~c,t taken
<br />by said fun~ sh~!'~. ?.~ sold to Ball '~ ~.~ cud Kraus at :~ar and accrued
<br /> zn-~a~'esu~ and th:~ _ ' f'zo::~ such ~ ~'~ except ~uy p~emium an~ accrue~
<br /> interest Chereon., zb~,l.i b~ [~a'td in'{~c tba proper fund and used for the purpose
<br /> aforesaid and fo.r no ether Dur~ose~ and, jot ~;i~icb ?~rpose said mo?.e"[f is
<br /> hereby appropriaved. Any premi,~ and accru~d ir~tarest shall La s?ansferred
<br /> to the Bond Retirement Fund. %0 be appti~d, in z[~e payment nf principal and
<br /> interest of said ~t. ot~s iu the ma;inet ~roviSed by ia~.~
<br /> Section 7. Said notes ~ha!l be the full gener~! obiiga, tion of t~:."
<br /> ~mty are
<br /> City of La. kewocm snd the fu%l fai~h~ credit and revenu~ o:~ said
<br /> ~ mhe pay value to be
<br /> hereby pledged for the pz'mapt 'pa~uent o~ zbe same.
<br /> received fz~om the sale of the bords a-nticipated b-/ said notes and any excess
<br /> funds resulting from 5he Issuau,.~c of ss, id notes shall~ to the ex~=nt necessary,
<br /> be used only for the retiren:~nt of said nobe~ as mst~r~t]/~ together with
<br /> !u-0~=-~s'c ti-~efeo,%~ and is hereby phadged for such purpose,
<br /> ~ ..... e shall be
<br /> Sacti.:.n 8. Duz'ing tlc ~ars whf, l~ sac?. nc;~s run: t
<br /> b_~,y o2 LeJ. ewood~ in addition
<br /> levied on ail the ba.:4a'bke propez%y in the "", ....
<br /> to al! o'bher t~es~ a direut tax annually no"'. l~ss 't:han .i',ba'k vhich vFcu!d
<br /> ~:- ~ss'~ed ~t~t~out the or,or iss;,~, cf such
<br /> h~.ve t,~en !.evied if to,~.~ had been . , .... '
<br /> notes, o.~-~,:~ . shall be and is hereby ordered commuta~ cer'bified~ levied
<br /> and extanded, upon the ,:,~x ~a[~]-~.~':~'c~ ~rJ.(L colJac~ed by the same offiae~s, in
<br /> the same manner a'ud ~,t the same time tns. t ta~es for -~' pt~z.poses for
<br /> each of said years a.~e cer~':_f:ied, ex'tende~i and cnilec%ec.. Said tax shall
<br /> be placed before and in ?re~erenae %o 5il other itep~ a~d for the full amount
<br /> thereof. ?lie fduds derived from said tax levies he:'e'bT~ required ~hail be
<br /> placed in a sep~,z'at~ and distir.c'b ~unc~ which, together ..... n 'the interest
<br />
<br /> ~ =d '"~ "d ed f~'~ '"'%? 'oa~-'at of the
<br /> coi~cct~ on the same~ she).l ~:a ~rzavo~abl'y ~ .... g .....
<br /> -~,incimL] and[ ir!'ez'es~: '~2 said ~r',"c. eso.: the 5e~ds ~ a'n'bicirpa!;ion of which
<br /> they s~re m ......... ~ w. hen ar.d. as-~;~e same fall ~'.: proy.i~ad, however~ .that i.n
<br /> ea,du such ~ze.a~ to ~:he e:':t=r~','' t?~at surplus parking ra'vanue, s a~e a~aiia~!e f-or
<br /> the ~'~ment of such no,.es ant! bo..~5_~ a~& are ~.~,.*~,::
<br /> ~he amau~t of tax shaZ! be -=d ...... ~ by ..... )un~: )f ~-uich o. -~ a~,~iia~ie
<br /> ~Ci ~'~"~' ' ' '~F
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<br /> .Section 9. Z": is hereby determined s, nd rea ...... ~:~,:~0 al! aats~
<br />conditions and things necessa~?y t..~ ba &cn~ Frec~en'b ye and in tlc issuing
<br /> ~ ~-' of
<br />of s~d notes in order ~o make 'hr:am ]..e~a~ va~'~d anc~ bin~ing obl..gaulons
<br />the City cf L~.kewood~ have beet'~ done a~d pea'or,ed, i'a regular and due form
<br />as required by ].~w~ ~nd that no limi~tiun of indebtedness or taxa'bion~ either
<br />statutory or constitutional;, wi!], have been ...... ~ ' in r. ha issu[~nce of said
<br />notes.
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