04-99 Belle Ave Bonds $141,000 - Laserfiche WebLink

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lawfully available moneys of the City, which monies are hereby appropriated to such purpose; any such costs may be paid fi.om the same sources ~om which the principal of and interest on the Notes are paid. which monies are hereby appropriated for such purpose. Any accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal and interest of the Notes in the manner provided by law. The City covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary so that the Notes will not constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Fiscal O~cer, as the fiscal officer, or any other ofeer of the City having responsibility for the issuance of the Notes shall give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding ~e mount and use of all. the proceeds of the Notes, the facts, circumstances, and esti~ on which they are based, and other facts and circumstances relevant to the tax treatment of intexest on the Notes. The City covenants that it (a) will take or cause to be taken such actions which may be required of it for ~ interest on the Notes to be and remain excluded from gross income for federal income tax purposes, and (b) will not take or permit to be taken any actions which would adversely affect tt~ exclusion, and that it, or persons acting for it, will, among other acts of compliance, (i) apply ~ proceeds of the Notes to the governmental purpose of the borrowing, (ii) restrict the yield on invesmaent property acquired with those proceeds, (iii)make timely rebate payments to the federal government, (iv)maintain books and records and make calculations and reports, a~l (v) refrain from certain uses of proceeds, all in such manner and to the extent necessary to assm'e such exclusion of that interest under the Code. The Fiscal Ofcer and other appropriate ofcers are hereby authorized and directed to take any and all actions, make calculations and rebate payments, and make or give reports and certifications as may be appropriate to assure such exclusion of that interest. Section 7, Tho Fiscal Ofcer is authorized and directed to execute a continuing disclosure ee~ifi~te (the "Disclosure Certificate") setting forth the City's undextaking to provide annual reports and notices of certain events dated the date of delivery of the Notes and delivered to lhe original purchaser of the Notes for the benefit of the holders of the Notes (the "Notehotders") and to assist the original pureimser in complying with S.E.C. Rule 15c2-t2(b)(5). The City hereby covenants and agrees that it will comply with and carry out all of the provisions of tiao Disclosure Certificate. Failure of the City to comply with the Disclosure Certificate shall not be considered an event of default; however, 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 fal~ 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 the bonds anticipated by the Notes and any excess funds resulting from the issuance of the Notes shall, to the ex'tent necessary, be used only for the retirement oft~ 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 rum 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 tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and eulleeted by the same officers, in the same manner and at the same time that ta~es for general purposes of each of said years are certified, extended and collected. Said ta, c shall be placed before and in preference to all items and for the full amount thereo~: The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund which, toge~er with the interest collected on the same shall be irrevocably pledged ~br 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 J I t:\FENI.~d 42~2~.KLF0304 Df)C:! ~ 3