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higher than the yield on the Notes, expending proceeds and portions <br />thereof within the times provided, making reports to the United States, <br />and the rebate of certain excess earnings from the investment of the <br />proceeds to the United States. The Director of Finance and other <br />appropriate officers are hereby authorized to make any such rebate or <br />rebates of such excess investment earnings and to take such other <br />actions and give such certifications on behalf of the City as may be <br />appropriate for the purposes aforesaid. <br /> <br /> Section 6. This Council reasonably anticipates that the <br />amount of "qualified tax exempt obligations", as that term is used in <br />Section 802(e)(3) of the Tax Reform Act of 1985 as passed by the United <br />States House of Representatives on December 17, 1985 (the "Act"), to be <br />issued during calendar year 1986 will not exceed $10,000,000 and that <br />the City has heretofore designated a total of $t,386,000 of "qualified <br />project bonds" (as that term is used in the Act). Therefore, this <br />Council hereby designates the Notes as "qualified project bonds". <br /> <br /> Section 7. The Notes shall be the full general 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 at matur- <br />ity, together with the interest thereon~ and is hereby pledged for such <br />purpose. <br /> <br /> Section 8. In the event bonds are not issued to provide a <br />fund for the payment of the Notes at maturity, during the year or years <br />while the Notes run, there shall be levied on all the taxable property <br />in the City of Lakewood, in addition to all other taxes, a direct tax <br />annually not less than that which would have been levied if bonds had <br />been issued without the prior issue of the Notes. Said tax shall be and <br />is hereby ordered computed, certified, levied and extended upon the tax <br />duplicate and collected by the same officers, in the same manner and at <br />the same time that taxes for general purposes of each of said years are <br />certified, extended and collected. Said tax shall be placed before and <br />in preference to all items and for the full amount thereof. The funds <br />derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund which, together with the interest collected <br />on the same shall be irrevocably pledged for the payment of the princi- <br />pal of and interest on the Notes or the bonds in anticipation of which <br />they are issued, when and as the same falls due; provided, however, that <br />in each year to the extent that revenues are available from other <br />sources for the payment of the Notes and bonds and are appropriated for <br />such purpose, the amount of such direct tax upon all of the taxable <br />property in the City shall be reduced by the amount of such revenues so <br />available and appropriated. <br /> <br /> Section 9. 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 />-3- <br /> <br /> <br />