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-2- <br /> <br /> 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 /> 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 same 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 f~.om the City's hospital is available <br /> for the payment of such note and bonds and ii appropriated for such purpose, <br /> the amount of such tax shall be reduced by the amount of'such income so <br /> availalbe and appropriated. <br /> Section 9. Tt 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 taxa- <br /> tion, either statutory or constitutional, will have been exceeded in the <br /> issuance of said note. <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 /> Section 11. That this ordinance, having been declared to be an <br /> emergency measure, shall be in f~31 force.and effect from and immediately <br /> <br />after its passage and-approvalby the Mayor- <br /> <br />Passed: <br /> <br />Approved: <br /> <br />June 16, 1969 <br /> <br />June 16, 1969 <br /> <br /> President of Council / <br />- 'C~'erk of' Council ? <br /> <br /> Maydr~ <br /> <br /> <br />