Laserfiche WebLink
- 2 - <br /> <br /> Section 5. Ail assessments collected for the improvement afoYesa~d, <br />and any unexpended balance remaining in the improvement fund after the costs <br />and expenses o£ said improvements have been paid, shall be applied to the <br />payment of said note and the interest thereon until both are fully provided <br />for. <br /> <br /> Section 6. That said note shall first be offered to the Director <br />of Finance for investment in the Bond Retirement Fund, and if not taken by <br />said officer shall be sold by him at private sale for not less than the par <br />value thereof in accordance with Section 4 of this ordinance; and the <br />Director of Finance is hereby authorized and directed to deliver said note, <br />when 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 the <br />purpose for which said note is being issued under the provisions of this <br />ordinance. The City of Lakewood covenants that proceeds of said note <br />shall not be invested or used in such manner that said note would be <br />"arbitrage notes" for purposes of Section 103(d)(1) of the Internal Revenue <br />Code of 1954. <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 re- <br />ceived 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 necessary <br />be used only for the retirement of said note at maturity, together with <br />interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8,. In the event that such assessments are not levied <br />or bonds are not issued to provide a fund for the payment of said note at <br /> maturity, a general tax shall be levied against all of the property in said <br /> City for the payment of such note and the interest thereon. <br /> <br /> Section 9., The Clerk of this Council is hereby directed to for- <br />ward a certified copy of this ordinance'to the County Auditor. <br /> <br /> Section 10. That this ordinances, 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: May 18, 1970 <br /> <br />President of Council/ <br /> Clerk Of ~C~uncil <br /> <br />Mayor: <br /> <br /> <br />