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-2- <br /> <br />from such note, except any premium .and accrued interest thereon, shall be <br />paid into the proper fund and used for the purnose aforesaid and for the <br />renewal of the outstanding note and for no other purpose, and for which <br />purpose said money is hereby appropriated. Any premium and accrued interest <br />shall be'transferred to the Bond Retirement Fund to be applied in the pay- <br />ment of principal and interest of said note in the manner provided by !aw. <br /> <br /> It is hereby certified that it is not expected that the proceeds <br />of the issue of such note will be used in a manner that would cause such <br />note to be an arbitrage bond under Section 103(d) of the Internal Revenue <br />Code of 195H, as amended, and valid regulations thereunder; that all of the <br />proceeds of such note are needed for the purpose for which it is hereby <br />authorized to be issued, substantial expenditures therefrom have been or <br />will be promptly committed to such purpose through binding obligations, work <br />on the project will ~roceed with due diligence to completion, all available <br />proceeds will be expended within the termporary period Seasonably required <br />through the exercise of due diligence to complete the project and make final <br />payments, and any such proceeds will be inwested or deposited only for a <br />temporary period until needed for the purpose for which the note is issued; <br />and that this certification is based upon ~l of the relevant facts and cir- <br />cumstances in existence, including those more particulary to be set forth in <br />the certificate of the fiscal officer entitled "IRC Section 103(d) Certifi- <br />cate'' which shall be incorporated in the transcript of proceedings pertain- <br />ing to such note and which certificate is adopted and incorporated herein by <br />reference. The City covenants to the purchasers of such note that it will <br />make no use of the proceeds of such note which, if such use had been reason- <br />ably expected on the date of issue of such note, would have caused it to be <br />an arbitrage bond under Section lOB(d) of the Internal Revenue Code of 1954, <br />as amended, as in effect on the date of such issue, and any valid regulations <br />thereunder, and that it will comply with the requirements of said Section <br />103(d) and the requirements of any valid regulations thereunder, all to the <br />extent as may be necessary, at the time of the use of such proceeds, so that <br />such use will not cause such note to be an arbitrage bond under Section 103(d) <br />of the Internal Revenue Code of 1954, as amended. <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 <br />received 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 the <br />interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such note runs, there shall be <br />levied on all the taxable property in the City of Lakewood, in addition to <br />all other t~xes, 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 ~nd 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 ~d in preference to all other items and for the full amount <br />thereof. The funds derived from said tax levies hereby required shall be <br />placed in a separate and distinct fund which, together with the interest <br />collected on the same, shall be irrevocably pledged for the payment of the <br />principal and interest of said note or the bonds in anticipation of which <br />it is issued, when and as the 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 to make it a legal, valid and binding obligation of <br /> <br /> <br />