Ordinance 1915-226 - Laserfiche WebLink

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IIdirect annual tax upon all of the taxable property within the Town of Louisville for the payment of the interest and the principal of said bonds hereinabove provided for shall preclude or estop the application by proper authorization of the board of trustees of said Town of all or any part of the surplus net earnings from the operation of said water works system in lieu of the levy and collection of taxes ; provided ' however, that if the amount appropriated and paid from the water works fund is not sufficient to fully meet the interest and principal on said . bonds as the same become due, then and in that event taxes:sufficient to meet any deficit as to said principal and interest shall be levied and collected by the board of trustees on all taxable property within said town. The Board of trustees of the Town of Louisville shall appropriate a sufficient amount from the water works funds to meet the interest on any and all outstanding bonds as the same becomes due for the year 1946 and the year 1947 and if sufficient funds are not available in said i ater works funds then said interest shall be paid as it becomes due out of the general funds of the Town of Louisville, which general fund shall be reimbursed as soon as taxes to cover said interest can be levied an d collected and the same shall be levied at the earliest possible time after it becomes apparent that the funds of the water works department will not be sufficient to meet the same should such eventuality occur. The board of trustees for the Town of Louisville shall in apt time before the principal on said bonds becomes due on the first too bonds on December 1, 1948, appropriate from the funds of the water department sufficient funds to meet said principal and the interest on the out- standing bonds for the year ending December 1, 1948 or if no such appro- priation is made by the board of trustees from the water works funds then and in that event said board of trustees shall in apt time levy and collect a tax on all taxable property within said town sufficient to meet said principal and interest when the same become due and likewise as to each succeeding year the board of trustees shall in apt time provide for the bonds maturing in that year and the interest accruing in that year on all outstanding bonds either by appropriation from the water works funds or by levying and collection a tax on all taxable property within said town sufficient to pay said principal and interest when the same becomes due. SECTION 5. That the provisions of this ordinance for each of the bonds and interest coupons issued in pursuance hereto, shall constitute and the same are hereby declared to be a binding and irrevocable contract between the Town of Louisville , Colorado and the purchaser of said bonds and the holders thereof from time to time and each of the interest coupons thereto appertaining and after the negotiation and delivery of said bonds the validity thereof shall never be questioned by the Town of Louisville in any manner whatsoever,; SECTION 6. That the provisions of this Ordinance shall be and remain irrepealable until said bonds and the interest coupons thereto IIattached shall have been fully paid and discharged as herein provided. SECTION 7. That all resolutions, ordinances and orders or parts thereof heretofore passed or adopted by said board of trustees of Louisville in conflict herewith, be and the same are hereby repealed.