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<br />~\ <br /> <br />baséd and state that, to the best of the knowledge and belief of the <br />certifying officer, the City's expectations are reasonable. <br /> <br />Section 6. The Notes shall be the full general obligations of <br />the City of Lakewood and the full faith, credit and revenue of said City <br />are hereby pledged for the prompt payment of the same. The par value to <br />be received from the sale of the bonds anticipated by the Notes and any <br />excess funds resulting from the issuance of the Notes shall, to the <br />extent necessary, be used only for the retirement of the Notes at matur- <br />ity, together with the interest thereon, and is hereby pledged for such <br />purpose. <br /> <br />Section 7. During the year or years while the Notes run, <br />there shall be levied on all the taxable property in the City of <br />Lakewood, in addition to all other taxes, a direct tax annually not less <br />than that which would have been levied if bonds haq been issued without <br />the prior issue of the Notes. Said tax shall be and is hereby ordered <br />computed, certified, levied and extended upon the tax duplicate and <br />collected by the same officers, in the same manner and at the same time <br />that taxes for general purposes of each of said years are certified, <br />extended and collected. Said tax shall be placed before and in <br />preference to all items and for the full amount thereof. The funds <br />derived from said tax levies heteby required shall be placed in a <br />separate artd distinct fund which, together with the interest collected <br />on the same shall be irrevocably pledged for the payment of the princi- <br />pal of and interest on the Notes or the bonds in anticipation of which <br />they are issued, when and as the same falls due; provided, however, that <br />in each year to the extent that revenues are available from other <br />sources for the payment of the Notes and bonds and are appropriated for <br />such purpose, the amount of such direct tax upon all of the taxable <br />property in the City shall be reduced by the amount of such revenues so <br />available and appropriated. <br /> <br />Section 8. It is hereby determined and recited that all acts, <br />conditions and things necessary to be done precedent to and in the <br />issuing of the Notes in order to make them legal, valid and binding <br />obligations of the City of Lakewood, will have been done and performed <br />in regular and due form as required by law; and that no limitation of <br />indebtedness or taxation, either statutory or constitutional, will have <br />been exceeded in the issuance of said Notes. <br /> <br />Section 9. The Clerk of Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br />Section 10. That the Mayor and Director of Finance, or eitber <br />of them, are authorized to prepare, execute and deliver to the original <br />purchaser of the Notes a preliminary and final Official Statement or any <br />other appropriate disclosure document in connection with the sale and <br />delivery of the Notes. <br /> <br />Section 11. It is found and determined that all formal ac- <br />tions of this Council concerning and relating to the passage of this <br />ordinance were adopted in an open meeting of this Cöuncil, and that all <br />Such deliberations of this Council and any of its committees-that re- <br />sulted in such formal action, were in meeting open to the public, in <br />compliance with all legal requirements including the City1s Charter and <br />Codified Ordinances and Section 121.22 of the Ohio Revised Code. <br /> <br />-3- <br />