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Section 5. That when said bonds have been duly executed, <br />the Town Treasurer of i:he Town of Louisville shall deliver them to <br />Bosworth, Sullivan & Company, and associates, the lawful purchaser <br />thereof, on receipt of the agreed purchase price. The funds reali - <br />ed from the sale of sa"~d bonds shall be applied solely for the pur <br />pose of paying for the cost of improvements and extensions to the <br />municipal waterworks system of the Town of Louisville and for the <br />necessary expenses connected therewith, but the purchasers of said <br />bonds shall in no manner be responsible for the application or <br />disposal by said Town or by any of its officers of the funds deriv <br />ed from the sale thereof. <br />Section 6. 'that for the purpose of providing the neces- <br />sary funds to meet the interest accruing on said bonds as the same <br />becomes due, and for the purpose of providing for the payment of <br />said bonds as they serially mature, there shall_be levied on all <br />the taxable property in the Town of Louisville, in addition to all <br />other taxes, direct annual taxes sufficient in amount to pay said <br />principal and interest promptly as the same becomes due, and said <br />taxes when collected shall be deposited in a special fund to be <br />known as the "Town of Louisville, Waterworks Improvement Bond <br />Fund, Series of 1953," and such fund shall be applied solely for <br />the purpose of the payment of the interest on and the principal <br />of said bonds respectively, and for no other purpose whatever anti <br />the indebtedness so contracted under this ordinance, both grinEipa <br />and interest, shall have been fully paid, satisfied and discharged <br />'but nothing herein contained shall be so construed as to prevent <br />said Town from applying any other funds that may be in the trea- <br />sury and available for that purpose to the payment of said inter- <br />est or principal as the same respectively mature, and upon such <br />payments, the levy or levies herein provided may thereupon to that <br />~ extent be diminished. The sums produced by the levies hereinabove <br />provided to meet the interest on said bonds and to discharge the <br />principal thereof when. due are hereby applied for that purpose, an <br />said amounts for each year shall be included in the annual budget <br />_8 <br />