16-97 Traffic Signalization Improvement Bond

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Section g. 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 he received fi.om 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 9. During the year or years while the Notes nm, there shall be levied on all 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 Notes. Said mx shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same office~, in the same manner and at the same time that taxes for general purposes of each of said years are certified, extended and 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 ~luired shall be placed in a separate and distinct fund whicih 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 fails due; provided, however, that in each year to the extent that revenues are available from other soumes for the payment of the Notes and bonds and am 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 10. 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 legal, valid and binding obligations of the City of Lakewood, will have been done and performed in r~gular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constimtioml, will have been exceeded in the issuance of said Notes. Section 1 I. The Clerk of Council is hereby dighted to forward a certified copy of this ordinance to the County Auditor. Section 12. The Mayor and Fiscal Officer, or either of them, am authorized to prepare, ,xecute and deliver to the original purchaser of the Notes a preliminar7 and final Official Statement or any other appropriate disclosure document in connection with the sale and delivery, of the Notes. Section 13. It is found and determined that all formal actions of this Council conc~m_ing and relating to the passage of this ordinan~ wero passed in an open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted in such formal action, were in m~tings.open to the public, in compliance witk_ail-legal r~luimm~ts 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, health, safe~ and welfare in the City for the reasons set forth and defined in the preamble to this ordinance, and provided it ~ceives the affirmative vote of two-thirds of all membet~ elected to Council, this ordinance shall take effect and be in force immediately upon its passage by the Council and approval by the Mayor, otherwise, it shall take effect and be in rome a~er the earliest period allowed by law. P~ident of Council Approved: ~_ . A~J/ ,Q '~- ,1997 Clerk of Council Mayor " II FI'iNIX',I,¥"g*.II~.,'t!FAG gill .~