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<br />the same officers, in the same manner and at the same t-imethattaxes <br />for general purposes of each of said years are certifie~, extended and <br />collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof. The funds derived from <br />said tax levies hereby required shall be placed in a separate and dis~ <br />tinct fund which, together with the interest collected ort the same shall <br />be irrevocably pledged for the payment ofth~ principal of and interest <br />on said notes or the bonds in anticipation of which they are issued, <br />when and as the same falls due; provided, however, that in each year to <br />the extent that revenues are available from other sources for the pay- <br />ment of such notes and bonds and are appropriated for such purpose, the <br />amount of such direct tax upon all of the taxable property in the City <br />shall be reduced flY the amount of such revenues so available and appro- <br />priated. <br /> <br />Section 8. It is hereby determined and recited that all acts, <br />conditions and things necessary to be done precedent to and in the <br />issuing of said notes in order to make them legal, valid and binding <br />obligations of the City of Lakewood, will have been done and performed <br />in regular and due form as required by law; and that no limitation of <br />indebtedness or taxation, either statutory or constitutional, will have <br />been exceeded in the iSsuance of said notes. <br /> <br />Section 9. The Clerk of Council is hereby directed to forward <br />a certified copy öf this ordinance to the County Auditor. <br /> <br />Section 10. That the Mayor and Director of Finance, or either <br />of them, are authorized to prepare, execute and deliver to the purchaser <br />of said notes a preliminary and final Official Statement or any other <br />appropriate disclosure document in connection with the Sale and delivery <br />of said notes. <br /> <br />Section 11. It is found and determined that all formal actions <br />of this Council concerning and relating to the passage of this ordinance <br />were -adopted in an open meeting of this Council, and that all such <br />deliberations of ,this Council and any of its committees that resulted in <br />such formal action, were in meeting open to the public, in compliance <br />with all legal requirements including the City's Charter and Codified <br />Ordinances and Section 121.22 of the Ohio Revised Code. <br /> <br />Section 12. That this ordinance is hereby declared to be an <br />emergency measure necessary for the immediate preservation of the public <br />peace, property, health, safety and welfare in the City for the reasons <br />set forth and defined in the preamble to this ordinance and provided it <br />receives the affirmative vote of two-thirds of all members elected to <br />Council, this ordinance shall take effect and be in force immediately <br />upon its adoption by the Council and approval by the Mayor; otherwise, <br />it shall take effect and be in force after the earliest period allowed <br />bylaw. <br /> <br />Passed: <br /> <br />11~ 7 , 1981 <br /> <br /> <br />APproved~~ ~ , 1981 <br /> <br />~r~i# ~ <br />~~ <br />- ",,', t , <br />'M or' ',' , <br /> <br />- 3 - <br />