Ordinance 1966-351 - Laserfiche WebLink

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Section 5.. That said Refunding Water Bonds, before C~ c, _ -'- l."..~ livery to the pu~chaser thereof, shall be registered by the City Clerk in a book kept for that purpose, and ~he Clerk lS hereby instructed to perfo~m such registration as a part of the duties of the office. Such registration shall note the principal ar:wunt, the date o~ issuance, maturities and rates of interest of said ~)onds . Section 6.. Said Refunding Water 3onds, when executed and registered, as provided by law, shall be delivered to the pur- chaser thereof, In accordance with the cont~act of ~urchase there- LO~ and the proceeds derived therefrom shall be used exclusively for -;-- " IJ ,,-......1..;:. purpose recited in said bonds; but neither ~he pL,,'chaser of said bonds nor the subsequen~ holder of any or ~~em shall be In any way respo.,-.sible fo,~ the application of the proceeds of said bO"L.ds by said Ci ty, or any of its officers or employees. Section 7. If necessary, the interest due on said re- funding bO:1.ds on Ju:~y 1, 1966, may be advanced from any available fur:.ds of the City. For the purpose of reimbursing said funds and paying the ir:.terest on said bonds as it shall thereafter become due and providing for the ultimate payment of said bonds, thel.-e shall be levied on all the taxable property in said City, in addi- tion to all o~her taxes, direct annual taxes in the years 1966 to 1978, inclusive, sufficient to produce the interest OL'.. all of said bonds outstanding, and the principal thereof, as the same become due and payable, respectively. Said taxes, when collected, shall be deposited in a special fund. to be k,.own as "Refu:'Lding Wacer Bond Fund, January 1, 19661:, and such fund shall be applied solely to the purpose of tCie payment of tile interest on and princip21 of said Refunding - 14 -