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- 2- <br /> <br />Finance is hereby authorized and directed todeliver said note, when <br />executed, to the purchaser upon payment of such purchase price. The <br />proceeds of such sale shall be paid into the proper fund and used for <br />the purpose for which said note is being issued under the provisions of <br />this ordinance. <br /> <br /> Section 7- Said note shall be the full general obligation of <br />the City of Lakewood and the full faith~ credit and revenue of said City <br />are hereby pledged for the prompt payment of the same. The par value to <br />be received from the sale of the bonds anticipated by said note and any <br />excess funds resulting from the ~ssuance of said ~ote shall, to ~ne extent <br />necessary~ 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 <br />be 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 />note. Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the s~ne officers, in <br />the same manner and at the same time that taxes for general purposes for <br />each of said years are certified, extended and collected. Said tax shall <br />be placed before and in preference to all other items and for the full <br />amount thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate and distinct fund which, together with the <br />interest collected on the same, shall be irrevocably pledged for the payment <br />of the principal and interest of said note or the bonds in anticipation of <br />which it is 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 note in order to make it a legal, valid and binding obligation of <br />the City of Lakewood~ have happened, 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 directed to <br />forward 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: <br /> <br />November 18, 1968 <br /> <br />Rober~ E. Wendling <br /> <br />President of Council <br /> <br />Approved: November 18, 1968 <br /> <br />Grace Reynolds <br /> <br />Clerk of Council <br /> <br />Robert M. Law,her <br /> <br />~yor <br /> <br /> <br />