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preference to all items and for the full amount thereof. The funds derived from <br />said tax levies hereby required shall be placed in a separate and distinct fund <br />which, together with the interest collected on the same shall be irrevocably <br />pledged for the payment of the principal of and interest on the Notes or the <br />bonds in anticipation of which~they are issued, when and as the same falls due; <br />provided, however, that in each year to the extent that revenues are available <br />from other sources for the payment of the Notes and bonds and are appropriated <br />for such purpose, the amount of such direct tax upon all of the taxable property <br />in the City shall be reduced by the amount of such revenues so available and <br />appropriated. <br /> <br /> Section 8. It is hereby determined and recited that all acts, <br />conditions and things necessary to be done precedent to and in the issuing of the <br />Notes in order to make them legal, valid and binding obligations of the City of <br />Lakewood, will have been done andperformed in regular and due form as required <br />by law; and that no limitation of indebtedness or taxation, either statutory or <br />constitutional, will have been exceeded in the issuance of said Notes. <br /> <br /> Section 9. The Clerk of Council is hereby directed to forward a <br />certified copy of this ordinance to the County Auditor. <br /> <br /> Section 10. That Mayor and Director of Finance, or either of them, <br />are authorized to prepare, execute and deliver to the original purchaser of the <br />Notes a preliminary and final Official Statement or any other appropriate <br />disclosure document in connection with the sale and delivery of the' Notes. <br /> <br /> Section 11. It is found and determined that all formal actions of <br />this Council concerning and relating to the passage of~ this ordinance were <br />adopted in an open meeting of this Council, and that all such deliberations of <br />this'Council and any of its committees that resulted in such formal action, were <br />in meeting open to the public, in compliance with all legal requirements <br />including the City's Charter and Codified Ordinances. <br /> <br /> Section 12. This ordinance is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, property, <br />health, safety and welfare in the City for the reasons set forth and defined in <br />the preamble to this ordinance, and provided it receives the affirmative vote of <br />two-thirds of all members elected to Council, this ordinance shall take effect <br />and be in force immediately upon its adoption by the Council and approval by the <br /> <br />Mayor; otherwise, it shall take effect and be <br />allowed by law. <br /> <br />, 1991 <br /> <br />Passed: ~ /~ <br /> <br />Approved :, .~q/%.~ / f , 1991 <br /> <br /> ou c- <br />Clerk of Co~ <br /> <br /> Mayo? <br /> <br />_~arl les t period <br /> <br />39/14282ANA.81B <br /> <br />-¸3- <br /> <br /> <br />