Laserfiche WebLink
-2 - <br /> <br /> Section 6. That said note shall first be offered to the Director <br />of Finance for investment in the Bond Retire~nent 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 and at any interest rate not exceeding that soecified in <br />Section 4 of this ordinance; and the Director of Finance is~hereby authorized <br />and directed to deliver said note, when executed, to the purchaser upon payment <br />of such purchase price. The proceeds of such sale shall be paid into the <br />proper fund and used for the purpose for whic. h said note is being issued under <br />the provisions of this ordinance. The City of Lakewood covenants that proceeds <br />of said note shall not be invested or used in such manner that said note would <br />be ar lvra~e notes for purposes of Section 103(d)(1) of the Intern~l 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 received <br />from the sale of the bonds s:~ticioated by said note and any excess funds <br />resulting from the issuance of sa~d note shall to the extent necessary be used <br />only for the retirement of. said note at maturity, together with interest <br />thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8. In the event that such assessments are not levied or bonds <br />are not issued to provide a fund for the payment of said note at maturity, a <br />general tax shall be levied against all of the property in said City for the <br />payment of such note and the interest thereon. <br /> <br /> Section 9. The Clerk of this Council is hereby directed to forward <br />a certified copy of this ordinance to the Country Auditor. <br /> <br /> Section 10. That this ordinance, having been declsa~ed to be an <br />emergency measure, shall be in full force and effect f~om and i~mediately <br />after its passage and approval by the ~yor. <br /> <br />Passed: May 17, 1971 <br /> <br /> Vice P:esident of Council <br /> <br />___ .,/~./- 4-.~-~-~ <br /> Clerk of Co'~ :.!..1 <br /> <br />Mayor <br /> <br /> <br />