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Section 9. During the year or years while the Notes mn, there shall be levied on <br />all the taxable property in the City of Lakewood, in addition to all other taxes, a direct tax <br />annually not less than that which would have been levied if bonds had been issued without the <br />prior issue of the Notes. Said tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers, in the same manner and at the <br />same time that taxes for general purposes of each of said years are certified, extended and <br />collected. Said tax shall be placed before and in preference to all items and for the full amount <br />thereof. The funds derived from said tax levies hereby required shall be placed in a separate and <br />distinct fund which, together with the interest collected on the same shall be irrevocably pledged <br />for the payment of the principal of and interest on the Notes or the bonds in anticipation of which <br />they are issued, when and as the same falls due; provided, however, that in each year to the <br />extent that revenues are available from other sources for the payment of the Notes and bonds' and <br />are appropriated 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 appropriated. <br /> <br /> Section 10. It is hereby determined and recited that all acts, conditions and things <br />necessary to be done precedent to and in the issuing of the Notes in order to make them legal, <br />valid and binding obligations of the City of Lakewood, will have been done and performed in <br />regular and due form as required by law; and that no limitation of indebtedness or taxation, either <br />statutory or constitutional, will have been exceeded in the issuance of said Notes. <br /> <br /> Section 11.. The Clerk of Coancil is hereby directed to forward a certified copy of <br />this ordinance to the County Auditor. <br /> <br /> Section 12. The Mayor and Fiscal Officer~ or either of them, are authorized to <br />prepare, execute and deliver to the original purchaser of the Notes a preliminary and final <br />Official Statement or any other appropriate disclosure document in connection with the sale and <br />delivery of the Notes. <br /> <br /> Section 13. It is found and determined that ail formal actions of this Council <br />concerning and relating to the passage of this ordinance were passed in an open meeting of this <br />Council, and that all such deliberations of this Council and any of its committees that resulted in <br />such formal action, were in meetings open to the public, in compliance with all legal <br />requirements including the City's Charter and Codified Ordinances. <br /> <br /> Section 14. This ordinance is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, property, health, safety and welfare <br />in the City for the reasons set forth and defined in the preamble to this ordinance, and provided it <br />receives the affirmative vote of two-thirds of all members elected to Council, this ordinance shall <br />take effect and be in force immediately u~0.n i~ passage by the Council and approval by the <br />Mayor; otherwise, it shall take effect and be in fome after the earliest period allowed by law. <br /> <br />Passed: ~ oe~/ ,1997 <br /> <br />Approved: )'/~ ..~ ~{- <br /> <br />,1997 <br /> <br />President of Council <br /> Clerk 6f Cou~ciV <br /> <br />Mayor <br /> <br />112FI!NIX\I4282\I4282FAL.811! 3 <br /> <br /> <br />