Ordinance 3945 - Laserfiche WebLink

Section 5 . 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 City impressed thereon. The in- terest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 6 . Immediately upon receipt of payment in full for the Bonds, the following amounts of the proceeds of the sale thereof shall be paid into or credited to the following special funds of the City: 1957 Bond Redemption Fund, $3,475,000, or such lesser amount as may be necessary to fulfill the requirements of Section 1 of Ordinance No. 3946 of the City; 1961 Bond Redemption Fund, $760,000, or such lesser amount as may be necessary to fulfill the requirements of Section 1 of Ordinance No. 3946 of the City; 1963 Bond Redemption Fund, all accrued interest. Any money remaining from the proceeds of such sale shall be deposited in the 1963 Bond Redemption Fund and used to repurchase Bonds pursuant to the contract of sale of such Bonds . The above amount of money so paid into or credited to the 1957 Bond Redemption Fund, together with the money then on hand in said Fund and the interest earned from, and/or profits made from the sale of, investments made of the money in such Fund, shall be held in trust and shall be used only to pay the amounts necessary to pay in full and redeem and retire the outstanding Second Lien Bonds on the following dates : 11.