83-82 Repeal 75-82 - Breakwall BAN

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future events are based and state that, to the best of the knowledge and belief of the certifying officer, the ~ity'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 fo~ the'retirement of the Notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. In the event the assessments are n~t levied or bonds are not issued to provide a fund for the payment of the Notes at maturity, 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 year or years while the Notes run there shall be levied on all the 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 for 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 distinct fund, which together with the interest collected on the same, shall be irrevocably pledged for the payment of the ~rincipal and interest on the Notes or the bonds in anticiaption of which they are issued when and as the same fall due; provided, however, that in each year to the extent that revenues are available from other sources for the payment of the 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 appro- priated.