74-91 $2,500,000 1990 Real Estate Acquisition Notes

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at the same time that taxes for general purposes of each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all items and for the full amount thereof. The funds derived from said tax levies hereby required shall'be plmced in a separate and distinct fund which, together with the interest collected on the same shall be irrevocably pledged for the payment of the principal of and interest on the Notes or the bonds in anticipation of which they are issued, when and as the same falls due; provided, however, that in each year to the extent that revenues are available from other sources for~ the payment of the Notes and bonds and are appropriated for such purpose, the amount of such direct tax upon all of the taxable property in the City shall be reduced'by the amount of such revenues so available and appropriated. Section 8. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of the Notes in order to make them legal, valid and binding obligations of the City of Lakewood~ will _have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, wilt.have been exceeded in the issuance of said Notes. Section 9o The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were passed in an open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted in such formal action, were in meeting open to the public, in compliance with all legal requirements including the City's Charter and Codified Ordinances. Section ll. This ordinance is hereby declared to be an emergency measurenecessary for the immediate preservation of the public peace, property, health, safety and welfare in the c~ty for the reasons set forth and defined in the preamble to this ordinance, and provided it receives the affirmative vote of two-thirds of all members elected to Council, this ordinance shall take effect and. be in force immediately upon its adoption by the Council~L-app~by the Mayor; otherwise, it shall'take effect and be in force aft~he~arliest~eriod ? ~ . ~ ~residen~o_f ~iuncil ~pproved:~/f , 1991 236/14282BYA. 8lB -3-