Ordinance 4214 - Laserfiche WebLink

Section 4 . The Bonds shall be signed on behalf of the City by its Mayor, shall be attested by the City Clerk, and shall have the corporate seal of the Ci•qi impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials . Section 5 . The money derived from the sale of the Bonds (except for accrued interest , which shall be paid into the Bond Redemption Fund hereinafter created) shall be paid into the Street Improvement Fund of the City . None of said moneys shall be used for any other purpose than the acquisition, construction and installation of the improvements to be made to the various streets of the City , all as is more fully set forth in Ordinance No. 4192 of the City, nor shall any of the Bond proceeds be used for the replacement of equipment or for any other than a capital purpose. Section 6 . There is hereby created a special fund of the City in the office of the City Treasurer to be known as the "Everett Street Improvement 1967 General Obligation Bond Redemption Fund. " The City hereby covenants that it will make annual levies of taxes upon all the taxable property within the City without limitation as to rate or amount in amounts sufficient to pay the principal of and interest on the Bonds as the same shall become due. The City further irrevocably covenants that all of such taxes so collected shall be paid into such Bond Redemption Fund in amounts sufficient to pay such principal and interest at least thirty days prior to the dates upon which any such interest or principal and interest shall become due and payable, and that no part of such Fund shall be used for any other purpose than the payment of the principal of and interest on the Bonds . The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest as aforesaid. -6-