71-119 Ordinance - Laserfiche WebLink

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~~-i~ ~ _~_ no other purpose. A~ premium and accrued interest shall be deposited in the Bond Retiremaaat Fund. The City ca-veaaaats that the proceeds of said notes shall not be invested or used in such mauuaer that arty of said notes ~rould be "arbitrage bonds" for parposes of Section 1D3(d}(1} of the Internal Revenue Code of 195+• Section 7. Said notes shall be the fu11 general obligations of the City and the fall. faith, credit and rev+anue of said City are hereby pledged far the presspt payment of the same. The per value to be received from the sale of the bonds anticipated by said notes and any exces$ funds resultir}g frc~ the issuance of said rues 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 can all the tas~t-ble property in said City, in addition to all other tax~esr a direct tax lyr not less than that which wc~u].d have been lev3,ed if bonds had been issued therefor rritat the prior issue of said notes. Said tax sha1.1. be and is hereby ordered co~ruted, certified, levied and extea~ded upc9-n the tax duplicate and collected by the same oi'~icers, in the sss+e mater artd at the ease time that taxes for general purp~asss for each of said years are certified, extended and collected. Said tax shall be placed before and in ~efa:rence to all other items and for the full. amount thereof. The farads derived from said tax levies hereby required shall be placed in a separate sad distinct fund, which, together with the interest collected on the saw, shall be irrevocably pledged for the payment of the principal, and in- terest of said ao~s or the bands in anticipation of which they are issued when sad 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. Ordinance Mo. 71-7$, passed June 1, 1gTl, which authorized the issuance of motes in anticipation of the issuance of bonds herein provided for shall be and the same is hereby repealed. Section 11. 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 immediate issuance and sale of the notes herein authorized is necessary to provide Elands with which to acquire the real estate and building thereon for the use of the Service Department and Safety nt of the City and thereby protect the health and safety of the inhabitants of this City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Iesyor. PASSED. ATl'BST: APPROVED: ~-_~_ G/ a de of vrecil Pres de t Pro Tem ~. ~ (tom , ~~ ~ ~ n Acting Idiayor --~