76-72 BAN - clearing property for parking garage

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-2- interest shall be transferred to the Bond Retirement Fund to be applied in the pa~nent of principal and interest of said note in the manner provided by law. It is hereby certified that it is not expected that the proceeds of the issue of such note will be used in a manner that would cause such note to be s~ arbitra~e bond under Section lOB(d) of the Internal Revenue Code of 1954, as ~ended, and valid regulations thereunder; that all of the proceeds of such note are needed for .the purpose for which it is hereby authorized to be issued, substantial expenditures thereform have been or will be promptly Comr,,itted to such purpose through binding obligations, work on the project will proceed with due diligence to completion, all available proceeds will be exnended within the tempors~! period reasonably required through the exercis~ of due diligence to complete the project and make final payments, and any such proceeds will be invested or deposited only for a temporary period until needed for the purpose for which the note is issued; and that this certification is based upon all. of the relevant facts and cir- cumstances in existence, including those more particularly to be set forth in the certificate of the fiscal officer entitled "IRC Section lOB(d) Certifi- cate" which shall be incorporated in the transcript of proceedings pertain- ing to such note and which-certificate is adopted and incorporated herein by reference. ~ne City covenants to the purchasers of such note that it will make no use of the proceeds of such note which, if such use had been reason- ably expected on the date of issue of such note, would have caused it to be an arbitrage bond under Section lOB(d) of the Internal Revenue Code of 1954, as amended, as in effect on the date of such issue, and any valid regulations thereunder, and that it will comply with the requirements of said Section lOB(d) and the requirements of any valid regulations thereunder, all to the extent as may be necessary, at the time of the use of such proceeds, so that such use will not cause such note to be an arbitrage bond under Section lOB(d) of the Internal Revenue Code of 1952, as amended. Section 7. Said note shall be the full general obligation of the City of Lakewood and the-full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such note runs , there shall be levied on all the taxable property in the City of Lakewood, in addition to all other ts,xes, a direct tax annually not less than that which would have been levied' if bonds had been issued without the prior issue of such note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before ~.nd in preference to all other, items and for the full amount thereof. The funds derived from' said tax levies hereby required shall be placed in a separate and distinct fund which., together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued, when and as the same falls due. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said note in order to make it a legal, valid and binding obligation of the City of Lakewood, have been done and performed in rezular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said note.