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-2- <br /> <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 whcih it is hereby <br />authorized to be issued, substantial expenditures therefrom have been or <br />will be promptly certified to such purpose through binding obligations, work <br />on the project will proceed with due diligence to completion, s_ll available <br />proceeds will be expended within the term. porary period reasonably required <br />through the exercise of due diligence to complete the project and m~ke final <br />payments, and any such proceeds will be invested 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 all of the relevant facts ~nd 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 %~hich certificate is adooted and incorporated herein by <br />reference. The City covens_nts to the purchasers of such note that it ,rill <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 ~nder Section !03(d) of the Internal Revenue Code of !95h, <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 L~kewood, in· addition to <br />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 t~x 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 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 />the City of Lakewood, have been done and perforated in regular and due form <br />as required by law; and that no limitation of indebtedness or t~ation, <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 directed to forward a <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. That this ordinance, having been declared to be an <br />emergency measure, shall be in full force s~d effect from and immediately <br />after its passage and approval by the Mayor..~ o~., ~~~ <br />Passed: '__~ 1972 ~ ~ <br /> Vice/~/Presi~ent.~9~ Co,uucil <br /> <br /> Mayor <br /> <br /> <br />