42-95 Motorized Equip Bond $805,000

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L '~ The City covenants that it (a) will take or causé to be taken such actions which may be required of it for the interest on the Notes to be and re~ain excluded from gross income for federal income tax purposes, and (b) will not take or permit to be taken any actions which would adversely affect that exclusion, and that it, or persons acting for it, will, among other acts of compliance, (i) apply the proceeds of the Notes to the governmental purpose of the borrowing, (ii) restrict the yield on investment property acquired with those proceeds, (iii) make timely rebate payments to the federal government, (iv) maintain books and records and make calculations and reports/and (v) refrain from certain uses of proceeds, all in such manner and to. the extent necessary to assure such exclusion of that interest under the Code. The Fiscal Officer ahd other appropriate officers are. hereby authorized and directed to take any and all actions, make calculations and rebate payments, and make or give reports and certifications a:s may be appropriate to assure such exclusion of that interest" , Section 6. The Notes shall be the full general obligations of the City of Lakewood and the full faith and credit of said City are hereby pledged for the prompt payment öf the same. The par value tobe received from the sale of the bonds anticipated by the Notes and any excess funds resulting from the issuance of the Notes shall, "to the extent necessary, be used only for the retirement of the Notes at maturity, together with the interest thereon, and is hereby pledged for such purpose, Section 7. puring the year or years while the Notes run! there shall be levied on all the taxable property in the City of Lakewood, in addition tö all other taxes! a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of the Notes. Said tax shall be and is hereby ordered computed, certified! levied and extended upon the tax duplicate anq collected by the same officers, in the same manner and at the same time that taxes for general purposes of each of said years are certified! extended ànd 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 placed in a séparate and distinct fund which! together with the interest coilected on the same shall be irrevocably pledged for the payment of the principal of and interest on the Notes or the bor.tds in antici.pation of which they are issued, when and as the ,sam~ falls due¡ provided! however, that in each year to· the extent that assessments or other revenues are available from other;. sources for the payinent 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 assessments or other 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 leg"al! valid ahd 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 limitãtion of indebtedness or taxation, either statutory or constitutional! will have been exceeded in the issuance of said Notes. Section 9. The Clerk of Council is hereby directed to forward a certified copy of thi's ordinance to the County Auditor. Section 10. them, are authorized original purchaser of The Mayor and Fiscal Officer! or either of to prepare, execute and deliver to the the Notes a preliminary and final Official -3-