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interests and welfare of the City; and the Director of Finance is here- <br />by authorized and directed to deliver said notes, when executed, to the <br />original purchaser or purchasers thereof upon payment of' the purchase <br />price. The proceeds of such sale shall be paid into the proper fund and <br />used for the purpose for which said notes are being issued under the <br />provisions of this ordinance. Any premium and accrued interest shall <br />be transferred to the Bond Retirement Fund to be applied to the payment <br />of the principal of and interest on the notes in the manner provided by <br />law. <br /> <br /> The City hereby covenants that it will restrict the use of the <br />proceeds of said 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 of the delivery of and payment for said notes, so that said notes <br />will not=constitute arbitrage bonds under Section 103(c) of the Internal <br />Revenue Code and the applicable income regulations under that Section. <br />The fiscal officer or any other officer, including the Clerk of Council, <br />having responsibility for issuing said notes is authorized and directed, <br />alone or in conjunction with any of the foregoing or with any other <br />officer, employee, or consultant of the City, to give an appropriate <br />certificate of the City's reasonable expectations, as of the date of <br />delivery of the notes, for inclusion in the transcript of proceedings, <br />which shall state (in brief and sugary terms) the facts and estimates <br />in which the City's reasonable expectations as to future events are <br />based and state that, to the best of the knowledge and belief of the <br />certifying officer, the City's expectations are reasonable. <br /> <br /> Section 7. Said notes shall be the full general obligations <br /> of the City of Lakewood and the full faith, credit and revenue of said <br /> City are hereby pledged for the prompt payment'of the same. The par <br /> value to be received from the sale of the bonds anticipated by said <br /> notes and any excess funds resulting from the issuance of said notes <br /> shall, to the extent necessary, be used only for the retirement of said <br /> notes at maturity, together with the interest thereon, and is hereby <br /> pledged for such purpose. <br /> <br /> Section 8. During the.'years while such notes are outstanding, <br /> there shall be levied on all the taxable property in the City of Lake- <br /> wood, in addition to all other taxes, a direct tax annually not less <br /> than that which would have been levied if bonds had been issued without <br /> the prior issue of such notes. Said tax shall be and is hereby ordered <br /> computed, certified, levied and extended upon the tax duplicate and <br /> collected by the same officers, in the same manner and at the same time <br /> that taxes for general purposes of each of said years are certified, <br /> extended and collected. Said tax shall be placed before and in prefer- <br /> ence to all other items and for the full amount thereof. The funds <br /> derived from said tax levies hereby required shall be placed in a <br /> separate and distinct fund which, together with the interest collected <br /> <br />-3- <br /> <br /> <br />