Ordinance 1233-86 - Laserfiche WebLink

Section 3 . The Notes shall be printed on lithographed or good bond paper or may be in typewritten form in a form consis- tent with the provisions of this ordinance and State law, shall be signed by the Mayor and the City Clerk, either one of whose signatures may be in facsimile, and shall have the seal of the City printed or impressed thereon. Section 4 . The Notes shall be negotiable instruments to the extent provided by RCW 62A. 8-102 and 62A. 8-105 . Section 5 . The principal proceeds received from the sale of the Notes shall be deposited in the General Fund of the City heretofore created and used solely for the purpose of paying the expenses normally paid from the General Government Funds and Police Pension Funds, and any interest received from the deposit or investment of such proceeds shall be applied and used solely for such purpose or for deposit in the Note Fund. The accrued interest , if any, received upon delivery of the Notes shall be deposited in the Note Fund. Any proceeds resulting from author- ized temporary investments of the Note Fund or such investment proceeds of any of the taxes hereafter levied for payment of the Notes and placed in the Note Fund shall be used for the sole purpose of retiring the Notes or paying the interest thereon. The City irrevocably pledges to budget and levy taxes within the constitutional and statutory tax limitations provided by law without a vote of the electors of the City on all of the property in the City subject to taxation in an amount suffi- cient, together with other money legally available and to be used therefor, to pay the principal of and interest on the Notes at maturity, and will set aside and deposit into the Note Fund from taxes and other revenue collected by the City and other money legally available therefor beginning in November, 1986 , the following amounts at the following times : - 3 -