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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 and performed 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 />Appr°ved:'~/~/ 7 , 1991 <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 C~R~approvat by the <br />Mayor; otherwise, it shall take effect and be in~er~he ~arliest period <br />al lowed bylaw. ~~~~~A_~~~/:'// <br /> Council <br /> <br /> ~ Council <br /> <br />39/!4282AOA.81B <br /> <br />-3- <br /> <br /> <br />