Ordinance 1979-668 - Laserfiche WebLink

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. "" - ~._- -~- . ., Sc:.lc.'::.; .n _'" _, he.r'2b~' ere _~_: ;~~ ('; t~ ~J c.t t-, r-: t:.i :) ,;a ~..G .1 c.... ...~'- 1 IS d ~~~ '~;:l~" .~~ C1 t_e; "f;' 1- C~ (t (: ~_: ~ Se.c tion 6. Tha t, for tIE.: ~)~lrp~)Se of s;~>~~ '-1 C l r~g t.h~~ paynent of designa.ted ins tall '~-=!l t s oc l1i tere::; L 0;1 cl rl ~t pr lnCl pr:tl. of said c";o te, there shall D'" es t-:::bl ishE:cl b{ the Cit" thc~ .1 "City of Louisville, City Hall II7tprover~en t F.eserve Fund" 2.Ild such fund shall be maintained to secure the paym2nt of the. interest In and principal of said Note and for no other purpose ~lhatsoever until the pri0.cipal of and interest. on said ~';ote has been fully paid, and discharged. The City shall annually deposit $11,656.07 into said Fund on due dates December 1, 1980 through December 1, 198(, ir:clusive, \'Jhich aggregate amount, $58,280.33, shall reTnain In said Fund In the manner set forth above. Said Reserve Fund shall b"" applied to pa~{ the ar:nual '- designa t.ed installmen t.s of interest on and pr lDclIJal of said i'Jc)te In the event tha t , In any year said Note lS still outstanding, the aggregate of all sums appropriated by the City Council into the City of Louis'.7ille, City Hall Impro"\rerct2.D -t Fund plus ..L}-,o proceed:;, of the City's 2 percent Sc.":les Tax L....l.__ pledged to such Fund a.re insufficient to pay such designated annual installment of interest on and principal of said Note. In the event said Reserve Fund lS applied In the manner so'" forth above, the City pledges Lor deposit into said ~L- Reserve Fund as much of the available proceeds of the City's 2 percent Sales Tax for the next succeeding fiscal years, after any deposits required under See tion 5 l1ereo f , as are necessary to maintain said Reserve Fund In an aggrega t_e . 2moun t of $58,280.35. Ordinance l'"!'_ 479, establishing and i\, () . enacting said Sales Tax, l ,- hereby 0. I:ie n ded to effec tuate -=> this pledge. Section 7. That, for the purpose of funding designated annual deposits into said Rt~Ser\7e Fund, the City CotHlci 1 fila. y , In its discretion, appropriate annual SUIGS to be deposited into said f{eserve Fund; specifically, the Ci t~{ Tn,:.:"'''}'' I In its discretion, appropriate eel' tc:~in proceeds of the City's 2 , --.:~ -