Ordinance 1966-351 - Laserfiche WebLink

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Water Bonds, and for no other purpose whatever, until L:.i.e bOneLS authorized by this Ordinance, both p~incipal and interest, shall have been fully paid, satisfied an~ discharged. Notwithstanding the foregoing provisions for tax levies, L:he City may apply to the pay~ent of said bonds and the interest thereon any or cill of the revenues of sa ici wa tenvorks s ys tern, af er the payment or reas on- able costs o~ maintenance and operation, and upon the application of suc~ revenues as aforesaid, the levy or levies herein provided may thereupon to that eXL:ent be diminished, all as lS hereinafter more specifically set forth. The sums herein provided to meet the interest on said bonds and to discharge L:he principal thereon when due, are hereby appropriated for that purpose, and said amounts for each year shall also be included in the annual budget and the appropriation OlL~S to be adopted and passed by the City Council of said City in each year, respectively. Section 8" It shall be the duty of the City Council of said City, annually:. at the time and in the me.nner pl~ovided by law for levying other City taxes, if such aCL:ion shall be necessary ~o effectuate the provisions of this Ordinance, to ratify and carry out the provisions hereof with reference to the levying and col- lection of taxes, and such taxes when collected shall be kept for and applied only to the payment of the interest on and principal of said bonds, as hereinabove specified. Section 9. That the provisions of ~nlS Ordinance and each of the bonds and the interest coupons issued pursuant theretc shall constitute, and the same are hereby declared co be a binding and irrevocable contract between the said City and the holder from time to time of each of said bonds and the interest coupons there- to attached. - 15 -