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and performed in regular and due form as required by law; and that no <br />limitation of indebtedness or taxation, either statutory or constitu- <br />tional, is applicable to the issuance of the Series 1983 Bonds. <br /> Section 18. Federal Tax Election. The Legislative Authority <br />hereby elects to have the limitation on capital expenditures specified <br />in Section 103(b)(6)(D) of the Code applied to the Series 1983 Bonds and <br />the Fiscal Officer or any member of the Legislative Authority is hereby <br />authorized and directed to execute and file with the Internal Revenue <br />Service a statement regarding such election, as provided by the rules <br />and regulations of the Internal Revenue Service. <br /> Section 19. Emergency Clause. This Bond Legislation is <br /> hereby declared to be an emergency measure necessary for the immediate <br /> preservation of the public peace, health, safety and welfare in the City <br /> of Lakewood, Ohio for the reasons set forth in the preamble hereto, <br /> which reasons are incorporated herein as fully as if restated herein, <br /> and provided it receives the affirmative vote of at least two-thirds of <br /> all members elected to this Legislative Authority, this Bond Legislation <br /> shall be in full force and effect from and immediately after its passage <br /> and approval by the Executive; otherwise, it shall take effect and be in <br /> force from and after the earliest date allowed by law. <br /> <br />Approved~, <br /> <br />1983 <br /> <br />-32- <br /> <br /> <br />