57-82 Sewage Treatment & Disposal Works Notes

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other officer, employee, or consultant of the City, to give an appropri- ate certificate of the City's reasonable expectations, as of the date of delivery of the Notes, for inclusion in the transcript of proceedings, which shall state (in brief and summary terms) the facts and estimates 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 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. During the year or years while the Notes run, there shall be levied on all taxable property in the City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued therefor 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 the 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 -4-