38-82 Improve Certain Streets - BAN

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Section 6. The 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 the Notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used only for the retirement of the Notes at matur- ity, together with the interest thereon, and is hereby pledged for such purpose. Section 7. In the event assessments are not levied or bonds are not issued to provide a fund for the payment of the NOtes at matur- ity, a general tax shall be levied against all of the property in the City for the payment of the Notes and the interest thereon; provided, however, that during the years while the Notes are outstanding, there shall be levied on all the taxable property in the City of Lakewood, 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 the Notes if bonds had been issued without the prior issue of the 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 purposes of each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund which, together with t'he interest collected on the same shall be irrevocably pledged for the payment of the principal of and interest on the 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 -5-