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The City hereby covenants that it vii1 restrict the use of the <br />-f'.. proceeds of the notes 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 they rill not constitute arbitrage <br /> bonds 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 responsibilityvith respect to the <br /> issuance of these notes 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 /> Section 7. Said notes shall be the full general obligations of <br /> the City of Lakewood and the full faith, credit and revenue of said City <br /> are herebypledged for the prompt payment of the same. The par value to <br /> be received from the sale of the bonds anticipated by said notes and any <br /> excess.funds resulting from the issuance of said notes shall, to the ex- <br /> tent necessary, be used only for the retirement of said notes at maturity, <br /> together vith the interest thereon, and is hereby pledged for such purpose. <br /> Section 8. During the years while such notes run, there shall be <br /> levied on all the taxable property in the City of Lakewood, in addition to <br /> all other taxes, a direct tax annually not less than that which would have <br /> been levied ii bonds had been issued without the prior issue of such notes. <br /> Said tax shall be and is hereby ordered computed, certified, levied and <br /> extended upon the tax 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 vith the interest <br /> collected on the same, shall be irrevocably pledged for the payment of the <br /> principal and interest of said notes or the bonds in anticipation of which <br /> they a~e 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 preceden~ to and in the issuing <br /> of said notes in order to make them legal, valid and binding obligations <br /> of the City of Lakevood, have been done and performed in regular and due <br /> form as required by law; and that no limitation of indebtedness or taxation, <br /> either statutory or constitutional, rill have been excelded in the issuance <br /> of said notes. <br /> ~ Section 10. The Clerk of Council is hereby directed to forward <br /> a certified copy of this ordinance to the County Auditor. <br /> Section i1. That this ordinance~_having been ,d~clared to be an <br /> emergency measure, shall be in full force/~an~ effect froi ',mia immediately <br /> afte:d~tS passage an~pp~o~:tfY the l~v°r' / /~-i ' }// <br /> <br />Approved <br /> <br />- Clerk of ~6uncil <br /> <br /> <br />