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hereby pledged for the prompt payment of the same. The par value to be <br />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 <br />extent necessary be used only for the retirement of said notes at <br />maturity, together with interest thereon, and are hereby pledged for <br />such purpose. <br /> <br /> Section 10. In the event that such assessments are not levied <br />or bonds are not issued to provide a fund for the payment of said notes <br />at maturity, a general tax shall be levied against all of the property <br />in said City for the payment of such notes and the interest thereon; <br />provided, however, that during the year or years while such notes run <br />there shall be levied on all the taxable property in said City, in ad- <br />dition to all other taxes, a direct tax annually not less than that <br />which would have been levied for the City's portion of said notes if <br />bonds had been issued therefor without the prior issue of said notes. <br /> <br /> Said tax shall be and is hereby ordered computed, certified, <br />levied and extended upon the tax duplicate and collected by the same <br />officers, in the same manner and at the same time that taxes for general <br />purposes for each of said years are certified, extended and collected. <br />Said tax shall be placed before and in preference to all other items <br />and for the full amount thereof. The funds derived from said tax levies <br />hereby required shall be placed in a separate and distinct fund, which, <br />together with the interest collected on the same, shall be irrevocably <br />pledged for the payment of the principal and interest of said notes or <br />the notes in anticipation of which they are issued when and as the same <br />fall due. <br /> <br /> Section 11. It is hereby determined that all acts, conditions <br />and things necessary to be done precedent to and in the issuing of <br />said notes, in order to make them legal, valid and binding obligations of <br />the City of Lakewood, have happened, been done and performed in regular <br />and due form as required by law; and that no limitation of indebtedness <br />or taxation, either statutory or constitutional, will have been exceeded <br />in the issuance of said notes. <br /> <br /> Section 12. The Cler.k of Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section 13. It is found and determined that all formal <br />actions of this Council concerning and relating to the passage of this <br />ordinance were adopted in an open meeting of this Council, and that all <br />deliberations of this Council and of any of its committees that resulted <br />in such formal action, were in meetings open to the public, in compliance <br />with all legal requirements including Section 121.22 of the Ohio Revised <br />Code. <br /> <br /> Section 14. That this ordinance, having been declared to be am <br />emergency measure, shall be in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br /> President of Council <br /> <br />1981 <br /> <br />- 3 - <br /> <br /> <br />