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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 /> Section 10. The Clerk of Council is hereby directed to <br /> forward a certified copy of this ordinance to the County Auditor. <br /> Section 11. That Mayor and Director of Finance, or either of <br /> them, are authorized to prepare, execute and deliver to the original <br /> purchaser of the Notes a preliminary and final Official Statement or any <br /> other appropriate disclosure document in connection with the sale and <br /> delivery of the Notes. <br /> <br /> Section 12. It is found and determined that all formal ac- <br /> tions of this Council concerning and relating to the passage of this <br /> ordinance were adopted in an open meeting of this Council, and that all <br /> such deliberations of this Council and any of its committees that re- <br /> sulted in such formal action, were in meeting open to the public, in <br /> compliance with all legal requirements including the City's Charter and <br /> Codified Ordinances and Section 121.22 of the Ohio Revised Code. <br /> Section 13. This ordinance is hereby declared to be an emer- <br /> gency measure necessary for the immediate preservation of the public <br /> peace, property, health, safety and welfare in the City for the reasons <br /> set forth and defined in the preamble to this ordinance, and provided it <br /> receives the affirmative vote of two-thirds of all members elected to <br /> Council, this ordinance shall take effect and be in force immediately <br /> <br />-4- <br /> <br /> <br />