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-2- <br /> <br />................... the proceeds from such note, except any premium and accrued interest <br /> thereon, shall be paid into the proper fund and used for the purpose <br /> aforesaid and for no other purpose and for which purpose said money is <br /> hereby appropriated. Any premium and accrued interest shall be t~a~7,.~, <br /> -- ferred to the Bond Retirement Fund to be applied in the payment of prin- <br /> cipal and interest of said note in the manner provided by law. <br /> <br /> The City hereby covenants that it will restrict the use of the <br /> proceeds of the note in such manner and to such extent, if any, as may <br /> be necessary, after taking into account reasonable expectations at the <br /> time the debt is incurred, so that it will not constitute an arbitrage <br /> bond under Section 103(d) of the Internal Revenue Code and the regula- <br /> tions prescribed under that section. The fiscal officer or any other <br /> officer, including the Clerk, having responsibility with respect to the <br /> issuance of this note is authorized and directed to give an appropriate <br /> certificate on behalf of the City, for inclusion in the transcript of <br /> proceedings, setting forth the facts, estimates and circumstances and <br /> reasonable expectations pertaining to said Section 103(d) and regulations <br /> thereunder. <br /> <br /> Section 7. Said note shall be the full general obligation of <br /> the City of Lakewood 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 funds resulting from the ~ssuance of said note shall, to the extent <br /> necessary, be used only for the retirement of said note at maturity, to- <br /> gether 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 annually not less than that which would <br />have been levied if bonds had been issued without the prior issue of such <br />note. Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in <br />the same manner and at the same time that taxes for general purposes for <br />each of said years are certified, extended and collected. Said tax shall <br />be placed before and in preference to all other items and for the full <br />amount thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate and distinct fund which, together with the <br />interest collected on the same, shall be irrevocably pledged for the pay- <br />ment of the principal and interest of said note or the bonds in anticipation <br />of which 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 issu- <br />ing of said note in order to make it a legal, valid and binding obliga- <br />tion of the City of Lakewood, have been done and performed in regular and <br />due form as required by law; and that no limitation of indebtedness or <br />taxation, either statutory or constitutional~ will have been exceeded in <br />the issuance of said note. <br /> <br /> Section 10. The Clerk of Council is hereby directed to forward <br />a 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 and./~f~t from ands, immediately <br />after its passage and approval by the Mayor. / \ ~1\ i/ <br /> <br /> / ] . . ~resident 'of~odn~il "_ <br /> <br /> ~ncil <br /> <br /> blayor <br /> <br /> <br />