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<br />, <br /> <br />Council, having responsibility for issuing said Notes is authorized and <br />directed. alone or in conjunction with any of the foregoing or with any <br />other officer, employee, or consultant of the City, to give an appropri- <br />ate certificate of the City's reasonable expectations, as of the date of <br />delivery of the Notes, for inclusion in the transcript of proceedings, <br />which shall state (in brief and summary terms) the facts and estimates <br />on which the City' 5 reasonåble exp,ectations as to future events are <br />based 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 gêneral 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 .atmatùr~ <br />ity, together with the interest thereon, and is hereby pledged for such <br />purpose. <br /> <br />Section 7. During the years while the Notes are outstanding, <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 had been issued without <br />the priDr issue Df the Notes. Said tax shall be and is hereby ordered <br />computed, certified, levied and extended upon the tax duplicate and cDI- <br />lected 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 prefer- <br />ence to all items and for the full amount thereof. The funds derived <br />from said tax levies hereby required shall be placed in a separate and <br />distinct fund which, together with the interest collected on the same <br />shall be irrevocably pledged for the payment of the principal of and <br />interest on the Notes or the bonds in anticipation of which they are <br />issued. wheri and as the same falls due; provided, however. that in each <br />year to the extent that revenues are available from other sources for <br />the payment of the Notes and bonds and are appropriated for such pur- <br />pose. theamo~nt of such direct tax upon all of the taxable property in <br />the City shall be reduced by the amount of such revenues so available <br />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. The Mayor and Director of Finance. or either of <br />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 óf the Notes. <br /> <br />-3- <br />