55-00 Naragansett & Niagara Bonds $400,000

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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 9. 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 tho 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 constitutional, will have boon exceeded in the issuance of said Notes. Section 10. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. It is found and determined that all formal actions of this Council · concerning and relating to the passage of this ordinance were passed in an open meeting of this Council, and that aH such deliberations of this Council and any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including the City's Charter and Codified Ordinances. Section 12. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, 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 all members 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 force after the earliest period allowed by law. President of Council l~~'r~cil ~V~ayor {KLF0881.DOC;1 } 4