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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 />received 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 neces- <br />sary~ be used only for the retirement of said note at maturity~ together <br />with 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 all the taxable property in the City of Lakewood~ in addition to <br />all other taxes, a direct tax annually not less than that which would have <br />been levied if bonds had been issued without the prior issue of such note. <br />Said tax shall be and is hereby ordered computed~ certified~ levied and <br />extended upon the tax duplicate and collected by the same officers~ in the <br />same manner and at the s~r~e time that taxes for general purposes for each <br />of said years are certified~ extended and collected. Said tax shall be <br />placed before and in preference to all other items and for the full amount <br />thereof. The funds 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; provided, however~ that in <br />each year to the extent that the income from the City's hospital is avail- <br />able for the payment of such note and bonds and is appropriated for such <br />purpose~ the amount of such tax shall be reduced by the amount of such <br />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 <br />of said note in order ~to make it a legal~ valid and binding obligation of <br />the City of Lakewood~ have t~appened~ been done and performed in regular and <br />due form and as required by law; that no limitation of indebtedness or <br />taxation,, either statutory or constitutional~ will have been exceeded in <br />the issuance of said note. <br /> <br /> Section 10. The Clerk of this Council is hereby dil~ected to <br />forward a certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance~ having been declared to be an <br />emergency measure~ shall be in full force and effect from and immediately <br />after its passage and approval by t~ Mayor. <br /> <br /> President of Council/ <br />, , <br /> Clerk of Council <br /> <br />· Mayor <br /> <br /> <br />