Laserfiche WebLink
appropriated for such purpose. Any accrued interest shall be paid <br /> into the Bond Retirement Fund to be applied to the payment of the <br /> principal and interest of the Notes in the manner provided by law. <br /> <br /> Section 6. The Notes shall be the full general <br /> obligations of the City of Lakewood and the full faith and credit <br /> of said City are hereby pledged for the prompt payment of the <br /> same. The par value to be received from the sale of the bonds <br /> anticipated by the Notes and any excess funds resulting from the <br /> issuance of the Notes shall, to the extent necessary, be used only <br /> for the retirement of the Notes at maturity, together with the <br /> interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 7. During the year or years while the Notes <br />run, there shall be levied on all the taxable property in the City <br />of Lakewood, in addition to all other taxes, a direct tax annually <br />not less than that which would have been levied if bonds had been <br />issued without the prior issue of the Notes. Said tax shall be <br />and is hereby ordered computed, certified, levied and extended <br />upon the tax duplicate and collected by the same officers, in the <br />same manner and at the same time that taxes for general purposes <br />of each of said years are certified, extended and collected. Said <br />tax shall be placed before and in preference to all items and for <br />the full amount thereof. The funds derived from said tax levies <br />hereby required shall be placed in a separate and distinct fund <br />which, together with the interest collected on the same shall be <br />irrevocably pledged for the payment of the principal of and <br />interest on the Notes or the bonds in anticipation of which they <br />are issued, when and as the same falls due; provided, however, <br />that in each year to the extent that revenues are available from <br />other sources for the payment of the Notes and bonds and are <br />appropriated for such purpose, the amount of such direct tax upon <br />all of the taxable property in the City shall be reduced by the <br />amount of such revenues so available and appropriated. <br /> <br /> Section 8. It is hereby determined and recited that <br />all acts, conditions and things necessary to be done precedent to <br />and in the issuing of the Notes in order to make them legal, valid <br />and binding obligations of the City of Lakewood, will have been <br />done and performed in regular and due form as required by law; and <br />that no limitation of indebtedness or taxation, either statutory <br />or constitutional, will have been exceeded in the issuance of said <br />Notes. <br /> <br /> Section 9. The Clerk of Council is hereby directed to <br />forward a certified copy of this ordinance to the County Auditor. <br /> <br /> Section 10. It is found and determined that all formal <br />actions of this Council concerning and relating to the passage of <br />this ordinance were adopted in an open meeting of this Council, <br />and that all such deliberations of this Council and any of its <br />committees that resulted in such formal action, were in meeting <br />open to the public, in compliance with all legal requirements <br />including the City's Charter and Codified Ordinances. <br /> <br />H:\B~.BBITH 4282FWA.81B 3 <br /> <br /> <br />