11-97 Motorized Equip Bond $805,000

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DisclOsure Certificate shall not be considered an event of defhult; h°wever,.any Noteholder may take such actions as may be necessary and appropriate to cause the City to complY with its obligations under this Section. Section 8. 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 of the same. The par value to be received from the sale of thebonds 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 ~. During the year or years while the Notes mn, there shall be levied on ail the taxable property in the City of Lakewood, in addition to 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 Note~. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the lax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general proposes of each of said years are certified, extended and collected. Said lax ~ be placed before and in preference to ail items and for the full amount thereof. The fund~ derived from said tax levies hereby required shall be pla~ed in a separale 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 I0. It is hereby determined and recited that ail 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 constitmional, will have been exceeded in the issuance of said Notes. Se,~ion 1.!. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Se,tion 12. The Mayor and Fiscal Officer, or either of them, are anthodzed to prepare, execute and deliver to the original purchaser of the Notes a preliminary and final Official Statement'or any other appmpriale disclosure document in connection with the sale and delivery of the lqotes. S~tion-43. It is found and determined that ail formai actions of ~ Council concerning and relating to the passage of this ordinance were passed' in an open meeting of this Council, and that all ~a~h deliberations of this Council and any of its committees that resulted in such formal a~tion, were in meetings open to the public, in compliance with 'ail legai requirements including the City's Charter and Codified Ordinances. Section 14. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, heaith, safety and welfare in the City for the reasons set forth and defined in the preamble to this ordinance, and provided it receives the affirmative vote of two-thirds of ail members elected to Council, this ordinance shall II.\I:I!NIX\I42S2\I4292FA[.SIII 3