Ordinance 1915-188 - Laserfiche WebLink

Home Browse Search

Section 5., The interest due on- said bonds on December 1, 1936, shall be paid out of the general fund of said town, and for the purpose of reimbursing said fund and for the purpose of meeting the interest ac- cruing thereafter on the said bonds promptly and as the same accrues, and for the purpose of providing for the ultimate payment- and redemp- tion of the said bonds, thereshall be levied on all the taxable prop- erty in said town, in addition to all other taxes, direct annual taxes in the following years and in the following amounts, to-wit: Year Interest Principal Total 1936 $ 750.00 $ $750.00 1937 500. 00 500.00 1000.00 1938 475.00 500. 00 957. 00 1939 450.00 500. 00 975. 00 1940 425. 00 500.00 925. 00 1941 400.00 500.00 900. 00 1942 375..00 500.00 875.00 1943 350,.®0 500.00 850.00 1944 325. 00 500.00 825.00 1945 300. 00 500.00 800.00 1946 275. 00 500: 00 775. 00 1947 250. 00 1000. 00 1250.00 1948 , 200.00 1000. 00 1200/00 II 1949 150.00 1000.00 1150.00 1950 100.00 2000.00 2100. 00 And said taxes, when collected, shall be deposited in a special fund known as "Town of Louisville Waterworks Sinking Fund, No. 2", and such fund Shall be applied solely to the purpose of the payment of the said interest and the principal of said bonds, respectively, and for no other purpose whatever, until the indebtedness so contracted , under this ordinance, both principal and interest , shall have been fully paid, satisfied and discharged, but nothing herein contained shall be so construed as to prevent said town from applying any other funds that may be in the town treasury and available for that purpose , to the payment of said interest or principal, as the same respectively mature, and upon such payment the levy or levies herein provided may thereupon to that extent be diminished. And the sums hereinbefore provided to meet the interest on said bonds and to discharge the principal thereof when due , are hereby appro- priated for that purpose, and said amount for each year shall also be included in the annual appropriation bills passed by the Board of Trustees of said town in each year respectively. Section 6. It shall be the duty of the Board of Trustees of said Town, annually, at the time and in the manner provided by law, for levying other town taxes , if such action, shall be necessary to ef- fectuate the provisions of this ordinance , to ratify and carry out the provisions hereof with reference to the levying and collection of taxes; and said Board shall require the officers of and for- said town to levy, extend and collect such taxes in the manner provided by laud for the purpose of creating, a fund for the payment of the principal of said bonds and interest thereon, and such taxes , when collected, shall be kept for and applied only to the payment of the interest and principal of said bonds as hereinbefore specified.