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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's reasonable expectations 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 /> In order to obtain and preserve the exemption from federal <br />income tax of interest on the Notes, the City further covenants that it <br />will take all actions that may be required of it, and will not take any <br />actions which would adversely affect such exemption, under the provi- <br />sions of any federal tax law that applies to the Notes, whether pre- <br />sently in effect or enacted subsequent to the date of issuance of the <br />Notes, specifically including, but not limited to, provisions requiring <br />or pertaining to restricting the amount of proceeds invested at a yield <br />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 $1,386,000 of "qualified <br /> project bonds" (as that term ~s 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 /> <br />-3- <br /> <br /> <br />