Ordinance 1976-504 - Laserfiche WebLink

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same, respectively, mature, and upon such payments, the levies herein provided may thereupon to that extent be diminished. The sums produced by the levies hereinabove provided to meet the interest on the Refunding Bonds and to discharge the principal thereof when due are hereby applied for that purpose, and said amounts shall be included in the annual budget resolutions and the appropriation ordinances to be adopted and passed by the Council in each year, if such actions shall be necessary to effectuate the provisions of this Ordinance, while any of the Refunding Bonds herein authorized, either as to principal or interest, are outstanding or unpaid. No statutory or constitutional provision enacted after the issuance of the Refunding Bonds herein authorized shall in any manner be construed as limiting or impairing the obligation of the City to levy ad valorem taxes without limitation of rate or amount for the payment of the principal of and interest on the Bonds herein authorized. Section 7. The proceeds derived from the sale of the Refunding Bonds authorized herein in an amount not less than $1,100,000, plus cash in the amount of $49,308, and the accrued interest on the bonds being refunded shall be deposited with United Bank of Denver National Association, Denver, Colorado (hereinafter the "Bank") in a separate fund and escrow account hereby created and known as "City of Louisville General Obligation Water and Refunding Water Bonds - 1966, 1971 and 1975 Issues Refunding Escrow Account" herein desig- nated as the "Refundin'g Escrow Account" or "Escrow Account", which account shall at all times be sufficient, together with any interest to be derived from the investment and any temporary reinvestment of the deposits or any part thereof only in direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, the -11-