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<br />/î"., <br /> <br />~'" <br />, <br /> <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 />ptirpose. <br /> <br />Section 7. In the event the assessments.are not levied, or <br />bonds are not issued to provide a fund for the payment of the Notes at <br />maturity, during the year or years while the Notes run, there shall be <br />levied on all the taxable property in the City of Lakewood, in addition <br />to all other taxes, a direct tax annually not less than that which would <br />have been levied if bonds had been issued without the prior issue of the <br />Notes. Said tax shall be and is hereby ordered computed, certified, <br />levied and extended upon the tax duplicate and collected by the same <br />officers, in the same manner and at the same time that taxes for general <br />purposes of each of said years are certified, extended and collected. <br />Said tax shall be placed before and in preference to all items and for <br />the full amount thereof. The funds derived from said tax levies hereby <br />required shall be placed in a separateahd distinct fund which. together <br />with the interest collected on the same shall be irrevocably pledged for <br />the payment of the principal of and interest on the Notes or the bonds <br />in anticipation of which they are issued, when and as the same falls <br />due; provided, however; that in each year to the extent that revenues <br />are available from other sources for the payment of the Notes and bonds <br />and are appropriated for such purpose, the amount of such direct tax <br />upon all of the taxable property in the èity shall be reduced by th~ <br />amount of such revenues so 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 either <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 f6rmal ac- <br />tions of this Council concerning and relating to the passage of this <br />ordinance were adopted in an open meeting of this Council. 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 Cityts Charter and <br />Codified Ordinances and Section 121.22 of the Ohio Revised Code. <br /> <br />Section 12. That this ordinance is hereby declared to be an <br />emergency measure necessary for the immediate preservation of the public <br />peace, property, health, safety and welfare in the City for the reasons <br />set forth and defined in the preamble to this ordinance, and provided it <br />receives the affirmative vote of two-thirds of all members elected to <br /> <br />-3- <br />