70-046 Ordinance - Laserfiche WebLink

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~ ~ .. 2 - Section 6: All assessments cal7.ected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said iffiprovement have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7; Subject to the re~eetion of such notes by the Director of Finance for investment in the Bond Retirement I~taad, such notes shall be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section ~+. The proceeds from such sale, except any premium and accrued interest, shalt be paid into the proper fund and used for the purpose aforesaid and for. no other purpose. Atay premium and accrued interest shall be deposited in the Bond l~stirement Fund. Section 8; 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 prompt payment of the same. The par value to be received from the sale of the beds anticipated by said notes and any excess funds resulting from the issuance of said Hates shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged fox such puI"pOSe . Section g: Tn the event that such assessments are not levied or buds are not issued to provide 8 fund for the paysrent of said notes at maturity, a general tax shall be levied against at]. of the property in said City for the payment of such notes and the interest thereon; provided, however, that 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 anmial].y not less than that which would have been levied for the City's portion of said notes if bonds had been issued therefor without the prior issue of said notes. Said tsx shall be and is hereby ordered computed, certified, levied and ex- tended upon the tag duplicate and collected by the same officers, in the same manner and at the same time that tares for general purposes for each of said years are certified, extended and collected. Said tax shall ~ placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the scene, shall be irseevocably 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 satm° falls due. Section 10: The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11: This ordinance is hereby declared to be an emergeacy measure necessary for the ~.mmediate preservation of the public health, safety and welfare of said City and for the further reason that the immediate issuance and sale of the notes herein authoMzed is necessary to provide funds to enable the City to enter into a contract for the construction of said improvement which is urgently necessary to protect the health of the abutting owners and the inhabitants of the City; wherefore, this ordinance shall be in full force and effect from and im- mediately sfter its passage and approval by the Mayor. PASSR'D : A2TEST Dora T. $i , C rk o Council AP'P~YRU: ,,it /,~ ~v • s ~ Mayor ~~. ~ d'-dd-Jo ~,,~~ a-ao-~a *nxmr-.ewse