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t _ - <br /> ` <br /> Pa~,e ,~2 Drd« 2~'0• <br /> Section 2. That said annual payments of said easeasrasnts and all <br /> portions thereof and all interest thereon shall be applied. to the <br /> p~.ymsnt of said bonds ate. the inters: t th®reon as the same shall becos~~e <br /> due and to no ether purpose ~iataoever. <br /> weetion 3. That for the purpose of p ronidin~ funds in an a~aount <br /> sufficient tc pay the interest on said aerial bonds and to provide a <br /> fund' for` tkaa final redemption of said boruls, there shall be and is <br /> hereby levied upon a31 t13e real anei personal property in the pity of <br /> Laiceyood, clk:io, a direst annual tax in addition to all other taxes, <br /> suf.f iaient for said pur;,oses, provided, iaowever, that in each. year <br /> the assessments anticipated by said bonds are payable enders applicable <br /> to the payment of said bonds, the amount of such tax shall be reduced <br /> <br /> by the amount of the asseasraenta so appropriated and applicable and <br /> th® amount thereof shall be ascertained,, levied and certified by the <br /> property tax authorities annually an8 shall be collected as otkxer taxes <br /> <br /> .are collected. <br /> Section I}. That said bonds shall be first offered at par and <br /> accrued interest to the Trusteea.of the 5inkin~ Fund in their official <br /> capacity and if said Trustees refuse to take any or all of said borxls. <br /> then said bonds not so taken shall b© advertised for public sale and <br /> sold in the manner provided by Saw under the direction of the 17Tayor <br /> and Director of r'inanee, but not for lase than their par value and <br /> accrued interest; the proceeds from the sale of said bonds, except the <br /> premium. and accrued interest thereon and the amount of avid lands <br /> <br /> issued for'intereat ahali be used for th© pur~.ose aforesaid and for no <br /> other purpoaey t2~ts premium and accrued interest received from such <br /> sale and tlae amount of said bonds issued for interest el~all be transferz <br /> to the Trustees of the ~3nking I~'und tv b® akaplied by thew in the <br /> payment of the principal arx2 interest of said bonds in the manner <br /> provided by law. <br /> Section 5. fibs Director Of Finance is hereby directed to foryard a <br /> certified Dopy of <br /> this ordinance to the `ounty auditor. <br /> Section d. ""hat this ardinanee shall take o.teet and be in force <br /> upon its passage and approval by the 6ayor and at ttas o~zrliest p eriod <br /> alloyed by lair. <br /> July 21, 19}1 ' <br /> ~doptedt <br /> Humh K. Dawson <br /> 'res uen <br /> H. Rees <br /> c er <br /> -Julg_22, 1911.1. <br /> Rpproveds <br /> K. I. Yaufj'man <br /> yayor <br /> <br />