08-99 1994 Motorizes Equip Bond $644,000

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collected. Said tax shall be placed before and in preference to all items and for the full amotmt thereof. The funds derived i'~om said tax levies hereby requital shall be placed in a separate 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 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%mlar and due form as required by law; and that no limitation of indebtedness or taxation, either slamIory or constitutional, will have be~m exc~'ded in the issuance of said Notes. Section 1 i. The Clerk of Council is hereby directed to fonvard a certified copy of tiffs ordinance to the County Auditor. Section 12. The Mayor and Fiscal Officer, or either of them, are authorized to prepare, execute and deliver to the original purchaser of the Notes a preliminary and fmai Official Statement or any other appropriate disclostu~ document in connection with the sale and delivery of the Notes. Section 13. tt is found and determined thai ail formal a~fions of this Coundl concerting and relating to the passage of ~ ordinance were passed in an open meeting of this Council, and thai all such deliberations of this Council and any of its commit'tee~ that l'~uitod in such formal ~ction. were in meelings open to the public, in compliance with ail lel~al l~quir~nents including the City's Charter and Codified Ordinances. Section 14. This o~inance is hereby declared to be an emergency measure necessary for the immediaie preservation of the public peace, property, health, safety and welfare in the City for the re~sons set forth and defined in the preamble to this ordinance, and provided it receives the affirmative vote of two-thirds of all members elected to Coundl, this ordinance shall lake el-Tec~ and be in force immediately upon its passage by the Cotu~il and approval by the Mayor;, othen, dse, it shall take effect and be in rome after the earlies~ period allowed by law. Passed:~,,..__.. /~ President of Council Mayor :II:\FENIX~I428~K. LF030v DOC;I I