72-057 Ordinance - Laserfiche WebLink

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J,t. ~'7 -~- accrued interest sha-11 be deposited in the Bond Retiresant Fund. 22~e City cov~enassts that the proceeds of said notes shall not be invested or used iri. such manner that any of said notes would be "arbitrage bonds" fox purposes of Section 103(d)(1) of the Internal Revenue Code of 195. Section 7. Said notes shall be the fall general obligations of the City and the full faith, credit and revue of said City are hereby pledged for the pro®pt psymaart of the same. The par valve to be received from the sale of the bonds anticipated by said notes and an3r excess funds resulting frvn the issuance of said notes shall to the extent necessary be used only for the retiraaent of said notes at maturity, together with interest there- on, and is hereby pledged for such purpose. 3ectioa 8. During the year or years while such notes ran 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 wonl.d have been lev- ied if bonds had been issued therefor without the prior issue of said notes. Said tax shal]. be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the assns officers, in the ease manner and at the same time that taxes for general perp~osa: for each of said years are certified, extended and collected. Said tax shall be placed before and inpreference to all other ites-s and for the fu11 amount thereof. The funds derived from said tax levies hereby recauireel shall be placed in a separate and distinct fend, which, together with the interest collected on the same, shall be irrevocably pledged for the paysmnt of the principal and interest of said notes or the bonds in anticipation of which that' are issued when and as the scone falls due. Section g. The Clerk is hereby directed to forr~ard a certified copy of this ordinance to the County Auditor. Section 10. This ordine~nce is hereby declared to be an emergency mea- sure necessary for the preservation of the public peace, welfare sad safety of this City, and for the further reason that the inssediate issuance end sale of the notes herein authorized is necessary to provide fonds with which to retire presently outstanding notes which are sheaf to matwre and thereby protect the credit of this City; wherefore, this ordinance sha11 take effect and be in force imm~ediatel~q upon its passage and approval by the Mayor. PASSED: „tZ~_ ATTEBT: ,~ .~ Dora T. Sill, Clem of Council APPROVED: s//(~ /7,Z Ra1p , r t ~ ~. Francis J. 0 , PresiB of Coup 1 ~/..,~/ s -,~ 7 z-