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-2- <br /> <br />accrued interest thereo~, shall be paid into the proper fund and used for the <br />purpose aforesaid and for no other purpose, and for which purpose said money <br />is hereby appropriated. Any premium and accrued interest shall be transferr¢~ <br />to the Bond Retirement Fund to be applied in the payment of principal and <br />interest of said note in the manner provided by law. <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 hereby <br />pledged for the prompt payment of the same. The par value to be received frcn <br />the sale of the bonds anticipated by said note and any excess funds resulting <br />from the issuance of said note shall, to the extent necessary, be used o~ly for <br />the retirement of said note at maturity, together with the interest thereon, and <br />is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such nbte runs, there shall be levied <br />on all the taxable property in the City of Lakewood, in addition to all other <br />taxes, a direct tax annually not less than that which would hame been levied if <br />bonds had been issued without the prior issue of such note. Said tax shall be <br />and is hereby ordered computed, certified, levied and extended upon the tax <br />duplicate and collected by the same officers, in the same manner and at the sane <br />time that taxes for general purposes for each of said years are certified, <br />exteuded and collected. Said tax shall be placed before and in preference to <br />all other items and for the full amount thereof. The funds derived from said <br />tax levies hereby required shall be placed in a separate and distinct fund which, <br />together with the interest collected on the same, shall be irrevocably Pledged <br />for the payment of the principal and interest of said note or the bonds in anti- <br />cipation of which it is issued, when and as the same falls due. <br /> <br /> Section 9. It is hereby determined and recited that ~ll acts, condi- <br />t,ions and things-necessary to be done precedent to and in the issuing of said <br />note in order to make it al legal, valid and binding obligation of the City of <br />Lakewood, halve been done and performed in regular and due form as required by <br />law; and that no limitation of indebtedness or taxation, either statutory or <br />cgnstitutional, will have been exceeded in the issuance of said note. <br /> <br /> Section lO. The Clerk of Council is hereby directed to forward a <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll. That this ordinance, having been declared to be an emer- <br />gency measure, shall be in full force and effect from and immediately aver its <br />passage and approval by the Mayor. <br /> <br /> President of Council <br /> <br /> Clerk of Council~ <br /> <br />Mayor <br /> <br /> <br />