Ordinance 1975-476 - Laserfiche WebLink

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as to prevent the City from applying any other funds or revenues that may be in the City treasury and available for that purpose, to the payment of the interest or principal, as the same respectively mature, and upon any such payments, the levy or levies herein provided may thereupon be diminished to that extent. An amount necessary to pay all costs and expenses incidental to the issu.ance of said bonds and the amounts hereinbefore provided to pay the interest on said bonds and to discharge the principal thereof when due, are hereby appropriated for that purpose, and said amount for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the City Council of the City in each year, respectively. It shall be the duty of the City Council of the City, annually, at the time and in the manner provided by law for levying other City 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 levying and collection of taxes; and the City shall levy, certify and collect said taxes in the manner provided by law for the purpose of creating a fund for the payment of the principal of the bonds and interest thereon, and said taxes, when collected, shall be kept for and applied only to the payment of' the interest and principal of the bonds as hereinabove specified. Section 5. ESTABLISHMENT OF RATES AND CHARGES FOR SERVICES. Notwithstanding the foregoing provisions for tax levies, the City hereby further covenants and agrees to establish, maintain, collect and enforce a schedule of rates, fees, tolls and charges for connection to and use of the waterworks system of the City, which schedule shall be sufficient to assure that the revenue thereby produced, together with the proceeds of general ad valorem taxes, shall pay all reasonable costs and expenses of operating and maintaining the water~lorks system and to pay the interest on and principal of the General Obligation Water Bonds, herein authorized, promptly as the same become due and payable, respectively. Section 6. REPEALER. All ordinances or parts thereof in conflict vlith this Ordinance are hereby repealed. Section 7. ORDINANCE IRREPEALIBILITY. After said bonds are issued, this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged. - 8 -