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-2- <br /> <br /> Section 6. All assessments collected for the improvement aforesaid, <br />and any unexpended balance remaining in the improvement fund after the costs <br />and expenses of said improvement have been p~id, shall be applied to the pay- <br />ment of said notes and the interest thereon until both are fully provided for. <br /> <br /> Section 7. That subject to the rejection of said notes by the <br />Director of Finance for investment in the Bond Retirement Fund, said notes <br />shall be sold by the Director of Finance at private sale at an interest rate <br />not exceeding that set forth in Section 4 hereof and at not less than the par <br />value thereof; and the Direct°r of Finance is hereby authorized and directed <br />to deliver said notes, when executed, to the purchasers upon payment of <br />the purchase price, The proceeds of such sale shall be paid into the proper <br />fund and used for the purpose for which said notes are being issued under <br />the provisions of this ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligations of <br />the 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 notes and any excess <br />funds resulting from the issuance of said notes shall to the extent necessary <br />be used only for the retirement of said notes at maturity, together with <br />interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund for the payment of said notes at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the payment of such notes and the interest thereon; provided, however, <br />that during the year or years while such notes run there shall be levied on <br />all the taxable-property in said City, in addition to all other taxes, a <br />direct tax annually not less than that which wOUld have been levied for the <br />City's portion of said notes, if bonds had been issued therefor without <br />the prior issue of said notes. <br /> <br /> S~id tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers~ in the <br />same manner and at the same time that taxes for general purposes for each of <br />said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies herebY required shall be placed in a <br />separate and distinct fund, which, together with the interest collected on <br />the same shall be irrevocably pledged for the payment of the principal and <br />interest of said notes or the bonds in anticipation of which they are issued <br />when and as the same fall due. · <br /> <br /> Section 10. The Clerk of this Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. 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 the Mayor. <br /> <br />Passed: Jul? 16; 1968~ <br /> <br />Robert Wendlin~ .. <br />President of Council <br /> <br />Approved: July _15, 1968 ~ G~ace Reynolds <br /> <br />Clerk of Council <br /> <br />Robert Lawther <br /> <br />Mayor <br /> <br /> <br />