Laserfiche WebLink
-2 - <br /> <br /> Section 7. Said notes shall be the full general obligations 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 notes and any <br />excess funds resulting from the issuance of said notes shall, to the extent <br />necessary~ be used only for the retirement of said notes at maturity~ together <br />with interest thereon~ and is hereby pledged for such purpose. <br /> <br /> Section 8, During the years while such notes run~ there shall be <br />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 />notes. 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~ e~bended and collected. Said tax shall <br />be 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 notes or the bonds in anticipation of which <br />they are 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 notes in order to make them legal~ valid and binding obligations of <br />the City of Lakewood~ have been done and performed in regular and due form <br />as re~aired by law~ and that no limitation of indebtedness or taxation~ <br />either statutory or constitutional~ will have been exceeded in the issuance <br />of said notes. <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 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 the N~yor. <br /> <br />Passed: ~,,~,, .1 ~. 1Qg,8 <br /> <br />Robert E. Wend~iu.$ <br /> President of Council <br /> <br />Approved: <br /> <br />G=ac_e_Revnolds. <br /> Clerk of Council <br /> <br />July 15,1968 _ . <br /> ~yor <br /> <br />Robert M. Lawther <br /> <br /> <br />