72-156 Ordinance - Laserfiche WebLink

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_~_ ,~ ! ~ s,~ Any premium and accrued interest shall be deposited in the Bond Retire- ment Fiord. The City covenants that the proceeds of said notes shall not be invested or used in such manner that any of said notes would be "arbitrage beds" for purposes of Section 103{d)(1) of the Internal Revenue Code of 195+• Section 7. Said notes shall be the full general obligations of the City and the full faith, credit and revenue of said City are hereby pledged for the prcmapt payment of the same. The par value to be received fraen the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued therefor without the prior issue of said notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in praference to all other items and for the full. amount thereof. The funds deMved from said tax levies hereby re- quired shall be placed in a separate and distinct fund, which, together with the interest collected oan the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bands in anticipation of which they are issued when and as the same falls due. Section 9. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be an urgency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the itudiate is- suance and sale of the notes herein authorized is necessary to provide Bands with which to purchase real es't~te needed for the expaasian of the City Building Compleac which is urgently needed to proatnote the efficient and orderly operation of goverbmental functions of the City; wherefore, this ordinance sha11 take effect and be in force immediately upon its passage and approval by the Mayor. PASSED : ~,(~.Z, ATTffiT : /. a~~~ Dora Hi ,~erTs of Council 1 C~..v~- C Francis J. 0 i , Presi est of C 1 APPROVED : ~j//~' / 7,Z r s , r ~ f ~,, Lt_ _ ~ ~,r-j....