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appropriate officers a~e heT~eby amthori~ed! to m~k~ any such rebate or rebates of snc~ excess /~vestment earnings a~d to take such other actions and give such certifications on behalf of the City as may be appropriate for the purposes aforesaid. Section 6. This Council reasonably anticipates that the amount of 'qualified tax exempt oblisations~', as that term is used in Section 802{e~ (3) of the Tax Reform Act of 1985 as passed by the United States House of Represen~atives on December 17, 1985 (the '~Act~')~ to be issued during calendar year i986 ~11 n~t exceed $10,000,000 and hereby determines that this issue is an issue not exceeding $3~000,000 and that the City has heretofore designated a total of $-0- of t'qualtfied project bonds" (as that term ~s used in the Act). Therefore, this Council hereb~ designates the: Notes as "qualified pro~ect bonds". Section 7. The Notes shall be the full general obligations of the City of Lake~ood 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 ~tth the interest thereon, and is hereby pledged for such purpose. Section 8. In the event bonds are not issued to provide a fund for the payment of the Notes at maturity, during the year or years ~hile 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 ~htch 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, ce~ti£~ed, 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 piaced 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 sepa- rate and distinct fund v~h~ch~ to~ether with the interest collected on the same shall be irrevocably pledged for the payment of the principal of end interest on the ~otes 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 9. It ~s hereby dete~uined and recited that all acts, conditions ~t thirds ~ecessary to be done precedent to and in the issuing of £be gores in order to make them legal, valid and binding obligations of the City of Lake~ood, ~ill have been done and performed in regular and due form as required by la~; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said Notes. Section 10. The Clerk of Council is hereby directed to for- ~ard a certified copy of this ordinance to the County Auditor. -3-