38-86 Street Improvements BAN - Laserfiche WebLink

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presently in effect or enacted subsequent to the date of issuance of the Notes, specifically including, but not limited to, provisions requiring or pertaining to restricting the amount of proceeds invested at a yield higher than the yield on the Notes, expending proceeds and portions thereof within the times provided, making reports to the United States, and the rebate of certain excess earnings from the investment of the proceeds to the United States. The Director of Finance and other appro- priate officers are hereby authorized to make any such rebate or rebates of such excess investment earnings and to take such other actions and give such certifications on behalf of the City as may be appropriate for the purposes aforesaid. Section 6. The Notes shall be t]he 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 for the retirement of the Notes at matur- ity, together with the interest thereon, and is hereby pledged for such purpose. Section 7. In the event the assessments are not levied, or bonds are not issued to provide a fund for the payment of the Notes at maturity, during the year or years while the Notes run, there shall be levied on all the taxable property in the City of Lakewood, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued 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 of each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all 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 principal of and interest on the Notes or the bonds in anticipation of which they are issued, when and as the same falls 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 appropriated. Section 8. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of the Notes in order to make them legal, valid and binding obligations of the City of Lakewood, will have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said Notes. Section 9. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. That the Mayor and Director of Finance, or either of them, are authorized to prepare, execute and deliver to the original purchaser of the Notes a preliminary and final Official Statement or any -3-