Laserfiche WebLink
Section 8. The Notes shall be the full general obligations of the City of <br />Lakewood and the full faith and credit of said City are hereby pledged for the prompt payment of <br />the same. The par value to be received from the sale of the bonds anticipated by the Notes and <br />any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used <br />only for the retirement of the Notes at maturity, together with the interest thereon, and is hereby <br />pledged for such purpose. <br /> <br /> Section 9. During the year or years while the Notes run, 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 ail 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 Council 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 all 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 ali legal <br />requirements including the City's Charter and Codified Ordinances. <br /> <br />II ~I:I!NIX\ 14282~.14292F^O.gl II 3 <br /> <br /> <br />