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shall be~paid into the proper fund and used for the purpose aforesaid <br />and for the renewal of the outstanding note and for no other purpose, <br />and for~'which purpose said money is hereby appropriated. Any premium <br />and accrued interest shmll be transferred to the Bond Retirement Fund <br />to be ,/applied in the payment of principal and interest of said note <br />in the manner provided by law. <br /> <br /> Since the permanent improvements for which said note is to <br />be issued are urgently needed, the appropriate officers of the City <br />are hereby directed to proceed with all dispatch to secure completion <br />thereof as promptly as is feasible, and it is expected that the same <br />will be completed as soon as possible and that any proceeds of this <br />note, to~the extent not required for retirement of the notes previously <br />issued, and any proceeds of such prior notes not yet expended, will be <br />invested or deposited only for a temporary period Pending need for <br />expenditure to pay costs of such improvements. The City covenants that <br />proceeds of said note shall not be invested or used in such manner that <br />said .note would be an "arbitrage bond': for purposes of Section.'lO~(d')(1) <br />of the Internal Revenue Code of 1954. <br /> <br /> Section 7. Said note shall be the full general obligation of <br />the City of Lakewood mhd 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:issuance of said note shall, to'the extent <br />necessary, bemused only for the retirement of said note at maturity, <br />together with the interest thereon, and is hereby pledged for such <br />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 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 a~d'collected. Said tax shall be <br />placed Before and in preference to aL1 other items and for the full amount <br />thereof. The f~nds derived from said tax hereby required shall be placed <br />in a separate and distinct fund whidh, together with the interest collected <br />on the same, shall be irrevocably pledged for the payment of the principal <br />and interest of~'said note or the bonds in snticipation of'which it is issued, <br />Mhen and asthe 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 ta m~ke it a legal, valid and binding obligation of <br />the City of Lakewood, have been done and performed in regular and due form <br />as required 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 note. <br /> <br /> Section 10. The Clerk of Council. is hereby directe~ to forward <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. That this ordinance, having been declared to be <br />an emergency measure, shall be in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br />'Approved: .... ~ '~., / ~ 7 ~ <br /> /, <br /> <br /> President <br /> <br />'/ Mayor <br /> <br /> <br />