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-2- <br /> <br />/%mdand used for the purpose aforesaid ~nd for the renewal of the outstanding <br />note and for no other purpose~ and for which purpose said money ic hereby <br />appropr.iated. Any premium and accrued interest shall be transferred to the Bond <br />Retirement Fund to be applied in the pa~nent of principal and interest of said <br />note in the manner provided by law. <br /> <br /> The City covenants that proceeds of said note shall not be invested <br />or used in such manner that said note would be an "arbitrage bond" for purposes <br />of Section 103(d)(1) of the Internal Revenue Code of 1954. <br /> <br /> Section 7. Said note shall be the full general obligation of <br />the City of ~-~ewood and 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 lknnds resulting from the issuance of said note sha/_l, to the extent <br />necessary, be used only for the retirement of said note at maturity, <br />together with the interest thereon, and is hereby pledged for such 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 annua_l]y 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 hereby required shall be placed <br />in a separate and distinct fund which, together ~th 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 anticipation of which it is issued, <br />when and as the same f~!!s due. <br /> <br /> SectiOn 9o It is hereby determined and recited that all acts, <br />conditions and things necessary to be done precedent to ~nd in .... ;'%= issuing <br />of ~aid note in order to make it a legal, valid and binding obl~.gation of <br />the City of Lakewood, k~ve been done and perforz~ed in regul~~ and due forum <br />as required by la~; and that no limitation of indebtedr~ess or ts~:~tion, <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 directedto forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section ll.. That this ordinance, having been declared to be <br />an emergency measure, shall.be in full force and effect from and immediately <br />a/~erits passage and approval by the Mayor. <br /> <br />- Mayor <br /> <br />" ~.~ president--of Co,uncUt <br /> Clerk~f Council <br /> <br /> <br />