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-2- <br /> <br /> Section 6. All assessments collected for the improvement afore- <br />said~ and any unexpended balance remaining in the improvement fund after the <br />costs and expenses of said improvement have been paid~ shall be applied to <br />the payment of said notes and the interest thereon until both are fully <br />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 ~ hereof and at not less than the par <br />value thereof; and the Director of Finance is hereby authorized and directed <br />to deliver said notes~ when executed~ to the purchasers upon payment of the <br />purchase price. The proceeds of such sale shall be Paid into the proper fund <br />and Used for the purpose for which said notes are being issued under the <br />provisions of this ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligmtions 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 Shallbe 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 an~ticipation of which they are issued <br /> when and as the same fall due. <br /> <br /> Section lO~ The Clerk of this Council is hereby directed to forward <br /> a certified copy of this ordinance to the County Auditor. <br /> <br /> Section llo 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: . ~u~y. 15.~ 1968 ...... Robert...Wendling <br /> President of Council <br /> <br />Approved: .. J~l.~...15, ._1963 <br /> <br />Grace Reynolds <br /> Clerk of Council <br /> <br />Robert Lawt he~ <br /> N~yor <br /> <br /> <br />