Ordinance 1740-90 - Laserfiche WebLink

SECTION 7. Creation of Bond Fund and Provision for Tax Levy Payments. There is hereby created a special fund of the City to be known as the "City of Everett Limited Tax Levy General Obligation Bond Redemption Fund, 1990, Series B" (the "Bond Fund") . The Bond Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. The City hereby irrevocably covenants and agrees for as long as any of the Bonds are outstanding and unpaid, that each year it will include in its budget and levy an ad valorem tax upon all the property within the City subject to taxation in an amount which will be sufficient, together with all other revenues and moneys of the City which may legally be used and which the City may apply for such purposes, to pay the principal of and interest on the Bonds as the same shall become due. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax millage levy permitted to cities without a vote of the people, and that a sufficient portion of each annual levy to be levied and collected by the City prior to the full payment of the principal of and interest on the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for 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 said taxes and for the prompt payment of the principal of and interest on the Bonds as the same shall become due. All of such taxes pledged by this Ordinance and any of such other moneys so collected shall be paid into the Bond Fund. None of the moneys in the Bond Fund shall be used for any other purpose than the payment of the principal of and interest on the -12- KR113 90/09/17