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to the Bond Retirement Fund to be applied to the payment of the principal of and interest on the notes in the manner provided by law. The City hereby covenants that it ~ill restrict the use of the proceeds of said notes in such manner and to such extent, if any, as may be necessary, after taking into account remsonable expectations at the time of the delivery of and payment for said notes, so that said notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that S~ction. The fiscal officer or any other officer, including the Clerk of Council, having responsibility for issuing said notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, or consultant of the City, to give an appropriate certificate of the City's reasonable expectations, as of the date of delivery of the notes, for inclusion in the transcript of proceed- ings, which shall state (in brief and summary terms) the facts and es- timates on which the City's reasonable expectations as to future events are based and state that, to the best of the knowledge and belief of the certifying officer, the City's expectations are reasonable. Section 7. Said notes shall be the full general obligations 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 ~notes and any excess funds resulting from the issuance of said notes shall, to the extent necessary, be used only for the retirement of said notes at maturity, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes are outstanding, there shall be levied on all the taxable property in the City of Lakewood, in addition to all other taxes, a dire~t tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes. 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 taxes for general parposes of 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 separate and dis- tinct fund which, together with the interest collected on the same shall be irrevocably pledged for the payment of the principal of and interest on said notes or the bonds in anticipation of which they are issued, when and as the same falls due; provided, however, that in each year to the extent that revenues are available from other sources for the payment of such notes and bonds and are appropriated for such purpose, the amount of such direct tax upon all of the taxable property in the City shall be reduced by the amount of such revenues so available and appropriated, 3