Ordinance 1727 - Laserfiche WebLink

• Section 4. The City Council of the City of Everett will provide annually by Ordinance or Resolution for the levy and extension on the tax rolls of said City and for the collec- tion thereof of a direct personal tax in addition to all other County, State o town taxes to be levied according to law, which shall be sufficient to meet the interest on all of said Bonds promptly, as the same matures, and from and after the year 1928, will also levy an additional tax which shall be sufficient to create a sinking fund for the payment of the principal of said. bonds at maturity, and the said Ordinance or Resolution shall not be repealed until the levy herein provided for shall be fully paid, or the bonds, both principal and interest, shall be paid and cancelled and no part of the moneys or fund de- rived from the levy and collection of such tax as specified in this Section shall be diverted to any other purpose than the payment of the principal and interest on said Bonds, and the faith, credit and property of said Everett are hereby pledged for the annual levy and collection of such taxes and the regu- lar payment of the semi annual interest on said bonds and the payment of the principal of said bonds at the maturity thereof. Section 5.- That the sale of said Fonds to Carstens Earles, Incorporated, as provided by resolution of said Everett, No. 2336, passed March °, 1916, and the contract entered into between said City and said Carstens & Earles, Incorporated, pur- suant to said Resolution, be and the same is hereby ratified and confirmed and the officers of said City are hereby authorized and directed to deliver said bonds to the said purchaser, in accor- dance with said contract. Section 6.- That the City Treasurer shall keep a regis- ter of all said Bonds, which register shall show the number, date, amount, interest, to whom delivered and when and where payable of each and every bond executed, issued or sold under the provisions of this Ordinance. -5-