Ordinance 1986-887 - Laserfiche WebLink

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Bonds and the interest thereon as the same shall hereafter mature and accrue. The amounts necessary to pay all costs and expenses incidental to the issuance of the Bonds and the amounts herein- above provided to pay the interest on the Bonds and to discharge the principal thereof when due are hereby appropriated for said purposes, and such amounts as are appropriate for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the Council in each year, respectively, until the Bonds have been fully paid, satisfied, and discharged. It shall be the duty of the Council annually, at the time and in the manner provided by law for levying other City taxes, if such action shall be necessary to effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levying and collection of taxes: and the Council shall levy, certify, and collect such taxes- in the manner provided by law for the purpose of funding the Bond Account for the payment of the principal of the Bonds and interest thereon, and such taxes, when collected, shall be kept for and applied only to the payment of the interest on and principal of the Bonds as hereinabove specified. Section 14. Additional Tax Levies in the Event of Delinquency. Said taxes shall be levied, assessed, collected, and enforced at the time and in the form and manner and with like interest and penalties as other general taxes in the State of Colorado, and when collected said taxes shall be paid to the City as provided by law. In the event that any of said levies, together with charges that may be made by the City, shall fail to produce an amount sufficient to pay the interest on and the principal of the Bonds becoming due in the next succeeding year, the deficit shall be made up in the next levy, and taxes shall continue to be levied until the Bonds and the interest thereon shall be paid in full. The Council shall take all necessary and proper steps promptly to enforce the payment of taxes levied pursuant to this Ordinance. - 26 -