Ordinance 1117-85 - Laserfiche WebLink

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 December 1985 the following amounts at the following times : Deposit Date Deposit Amount December 30. 1985 $ 750,000 January 31, 1986 1, 370,000 February 28, 1986 1,060,000 The full faith, credit and resources of the City are pledged irrevocably for the payment of the principal of and interest on the Notes and the payment of such deposits . Section 4 . The Notes shall be printed on good bond paper or may be in typewritten form in a form consistent with the provisions of this ordinance and State law. The Notes shall be signed by the Mayor of the City and attested by 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 5 . The City Council finds that the principal amount of the Notes does not exceed the City' s maximum antici- pated cummulative cash flow deficit (as that concept is defined in Section 1 .103-14 (c) of the Regulations to the Internal Revenue Code of 1954 . as amended, to be financed in 1985 from its general ad valorem property taxes to be levied for collec- tion in 1986 and other revenues expected to be received for deposit into the General Government, Emergency Medical Services and Police Pension funds of the City in 1985 and covenants that it will spend the principal proceeds of the Notes with due diligence to completion for the purposes specified in this ordinance and will make no use of the proceeds of the Notes or other funds of the City at any time during the term of the Notes which will cause the Notes to be arbitrage obligations within the meaning of Section 103 (c) of the United States Internal - 3 -