23-73 BAN - air pollution control equip for incinerator

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Section ?. Sa~d note shall be the full general obligation of the City of Lakewood and the full faith, credit and revenue of said City are here- by 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 re- sulting 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. It is hereby certified that it is not expected that the proceeds of the issue of such note will be used ~n a manner-that would cause such note to be arbitrage bonds under Section lOB(d) of the Internal Revenue Code of 19~4, as amended, and valid regulations; thereunder; that all of the pro- ceeds of such note are needed for the pur~)ose for which it is hereby auth- orized to be issued, substantial expenditures therefrom have been or will be promptly com~nitte~ to such FArpos~ through binding obligations, work on the project will procee~ with due diligence to comnletion, all available proceeds .will be expended within the termporar~ p~riod ~easonab!y required through the exercise of due diligence to complete the project and ms~e final payments, and any such proceeds will be invested or' denosited only for a temporary period until needed for the purpose for whic~ the note is issued; and that this certification is based upon all of the relevant facts and circumstances in existence, including those more particularly to be set forth in the cer- tificate of the fiscal officer entitled !'IRC Section lOB(d) Certificate" which shall be incorporated in the transcript of proceedings pertaining to such note and which certificate is adopted and incorporated herein by refer- ence. The 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 reasonably ~xpected on the date of issue of such note, would have caused them to be arbitrage bonds under Section lOB(d) of the Internal Revenue Code of 195~, 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 th~ 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 arbitrage bonds underSection lOB(d) of the Internal Revenue Code'of i~S~, as ~nended. 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 taxes, 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 t~xes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the f~ll 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 ma~e it a legal, vslid and binding obligation of the City of Lakewood, have been done and performed in regular 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. Section 10. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor.