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<br />Section 4. When said Refunding Bonds have been <br /> <br /> <br />duly executed the City Treasurer is hereby directed to <br /> <br /> <br />deliver the bonds to the purchaser thereof on receipt of <br /> <br /> <br />the agreed purchase price therefor. The proceeds of the <br /> <br /> <br />Refunding Bonds shall be used only for the purpose stated <br /> <br /> <br />therein and for paying the costs and expenses incurred <br /> <br />incidental to the issuance of said bonds and for no other <br /> <br /> <br />purpose whatever. Neither the purchaser of said bonds nor <br /> <br /> <br />the subsequent holder of any of them shall be responsible <br /> <br /> <br />for the application or disposal by the City, or any of its <br /> <br /> <br />officers, of any of the funds derived from the sale thereof. <br /> <br /> <br />Section 5. After said bonds have been delivered <br /> <br /> <br />the City Treasurer shall register said bonds in a book to <br /> <br /> <br />be kept by him for that purpose and when so registered the <br /> <br /> <br />legality thereof shall not be open to contest by the City <br /> <br /> <br />or by any other person or corporation in behalf of said <br /> <br /> <br />City for any reason whatever. <br /> <br /> <br />Section 6. For the purpose of paying the interest <br /> <br /> <br />on said Refunding Bonds as the same shall become due, and <br /> <br /> <br />providing for the ultimate payment and redemption of said <br /> <br /> <br />Refunding Bonds, there shall be levied on all the taxable <br /> <br /> <br />property of the City, in addition to all other taxes, direct <br /> <br />annual taxes in each of the years 1976 to 1989, inclusive, <br /> <br /> <br />sufficient to pay the interest on all of said Refunding <br /> <br /> <br />Bonds, and the installnlents of principal, as the same become <br /> <br /> <br />due and payable, respectively, and for no other purpose <br /> <br /> <br />whatever until the indebtedness so contracted under this <br /> <br /> <br />Ordinance, both principal and interest, shall have been <br /> <br /> <br />fully paid, satisfied and discharged; but nothing herein <br /> <br /> <br />contained shall be so construed as to prevent the City from <br /> <br /> <br />applying any other funds available or commited for that <br /> <br /> <br />purpose to the payment of said interest or principal as the <br /> <br />-10- <br />