39-86 Lake Ave reconstruction BAN

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delivery of the Notes, for inclusion in t~e transcript of proceedings, which shall state (in brief and summary terms) the facts and estimates on which tbs City's reasonable expectations as to future events are based and state that, to the best of the knowledge and belief of the certifying officer, the City's expectations are reasonable. In order to obtain and preserve the exemption from federal income tax of interest on the Notes, the City further covenants that it will take all actions that may be required of it, and will not take any actions which would adversely affect such exemption, under the provi-. sions of any federal tax law that applies to the Notes, whether pre- sently 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 the 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. 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 prefer- ence 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 pur- pose, 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 ~s 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 -3-