57-75 BAN - Property owners portion - improve certain streets

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-2- Section 6. Ail assessments collected for the improvement afore- said, and any unexpended balance remaining in the improvement fund after the costs and expenses'of said improvements have been paid, shall be ap- plied to the payment of said note and the interest thereon until both are fully provided for. Section 7. Subject to the rejection of said note by the Direc- tor of Finance for investment in the Bond Retirement Fund and by the Treasury Investment Account for investment of moneys in that account, said note shall be awarded and sold by the Director of Finance at pri- vate sale and at a rate not exceeding that specified in Section 4 hereof, but at not less than the par value thereof; and the Director of Finance is authorized and directed to deliver said note, when executed, to the purchaser thereof upon payment of such purchase price. The proceeds of such sale, except premium and accrued interest, shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. The City hereby covenants that it will restrict the use of the proceeds of the note in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of note issuance, so that it will not constitute an arbitrage bond- under Section 103(d) of the Internal Revenue Code and the Cegulations prescribed under that section. The fiscal officer or any other officer, including the Clerk, having responsibility with respect to the issuance of these notes is authorized and directed to give an appropriate cer- tificate on behalf of the City, for inclusion in the transcript of pro- ceedings, setting forth the facts, estimates and circumstances and rea- sonable expectations pertaining to said Section 103(d) and regulations thereunder. Section 8. Said note shall be the full ~eneral 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, to- gether with interest thereon, and is hereby pledged for such purposes. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a.fund for the payment of said note at maturity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon; pro- vided, however, that during the year or years while such note runs there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said note, if bonds had been issued therefo~ without the prior issue of'said 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 s'ame 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 and 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 spearate 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 they are issued when and as the same fall due. Section 10. The Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor.