Ordinance 2004-1437 - Laserfiche WebLink

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shall take all actions necessary to cause to be levied by the Board of County Commissioners of the County, on all of the taxable property in the City, the Limited Mill Levy. The Limited Mill Levy shall be in addition to all other taxes levied to effect the purposes of the City. Upon receipt of the revenues from the Limited Mill Levy, the City shall deposit the revenues into the Bond Fund, to be applied solely for the purpose of the payment of interest and principal on the Bonds, and for no other purpose whatever, until the indebtedness so contracted under this Ordinance, principal and interest, shall have been fully paid, satisfied, and discharged. The City may apply any other funds that may be in the treasury of the City and available for that purpose to the payment of interest or principal on the Bonds as the same respectively become due, and to that extent the levy herein provided for may thereupon be diminished. The levy may also be diminished to the extent that funds are not needed as a result of prior redemption in accordance with the terms of this Ordinance. B. The foregoing provisions are hereby declared to be the certificate of the City Council to the Board of County Commissioners of the County, showing the aggregate amount of taxes to be levied for the purpose aforesaid by the Board of County Commissioners from time to time, as required by law, and for the purpose of paying the principal, premium, if any, of the Bonds and the interest thereon as the same shall hereafter mature and accrue. C. The amounts necessary to pay the interest on the Bonds and to discharge the principal thereof when due (to the extent of the Limited Mill Levy) are hereby appropriated for said purposes, and such amounts as appropriate for each year shall also be included in the annual budget and appropriation resolutions to be adopted and passed by the Board in each year, respectively, until the Bonds have been fully paid, satisfied, and discharged. D. In the event that the revenues from the Limited Mill Levy are not sufficient to pay the principal of and interest on the Bonds when due, the City shall use other legally available revenues of the City to pay the principal of and interest on the Bonds when due. E. Moneys shall be paid to the Paying Agent in accordance with the provisions of the Registrar and Paying Agent Agreement. Section 14. Tax Levy. It shall be the duty of the City Council annually at the time and in the manner provided by law for levying other taxes, if such action shall be necessary to effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of the Limited Mill Levy; and the City Council shall require 23