Ordinance 1739-90 - Laserfiche WebLink

• . all tax revenues received from the regular levy lid lift authorized by the electors of the City at the special election held therein on May 19, 1987, for the purpose of expanding the main library and constructing a south branch library; provided that the City shall levy such tax at such times and in such amounts within the limits of said elector authorization and to ensure that said levy monies received in Bond Fund are paid out for the payment of principal and interest on the Bonds within 13 months of their receipt. 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 Bonds. Moneys in the Bond Fund not needed to pay the interest or principal next coming due may temporarily be deposited in such institutions or invested in such obligations as may be lawful for the investment of City moneys. Any interest on or profit from the investment of such moneys shall be deposited in the Bond Fund. SECTION 8. Defeasance. In the event that money and/or "Government Obligations," as such Obligations are now or may hereafter be defined in Ch. 39 . 53 RCW, maturing at such time or times and bearing interest to be earned thereon in amounts suffi- cient to redeem and retire the Bonds or a portion of the Bonds in accordance with their terms, are set aside in a special account to effect such redemption or retirement and such money and the principal of and interest on such Obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment of the principal of and interest on the Bonds so provided for and such Bonds shall cease to be entitled to any lien, benefit or security of this -14- KR112 90/09/17