Ordinance 1505-88 - Laserfiche WebLink

registered securities depositories then in the business of holding substantial amounts of obligations of types com- prising the Bonds ( such depositories now being Depository Trust Company of New York, New York, Midwest Securities Trust Company of Chicago, Illinois, and Philadelphia Depository Trust Company of Philadelphia, Pennsylvania) . (3 ) Upon the payment of the redemption price of Bonds being redeemed, each check or other transfer of funds issued for such purpose shall bear the CUSIP number identify- ing, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer. 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 Obliga- tion Bond Redemption Fund, 1988" (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. All of such taxes 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 -10- KR257 88/07/06