Ordinance 1087-84 - Laserfiche WebLink

payable in annual installments, with interest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds. " as defined by law and the ordinances of the City. The exact form, amount, date, interest rate and denominations of such bonds shall be hereafter fixed by ordinance of the City Council . Such bonds shall be sold in such manner as the City Council shall hereafter determine . Section 6 . In all cases where the work necessary to be done in connection with the making of such improvement is carried out pursuant to contract upon competitive bids (and the City shall have and reserves the right to reject any and all bids) , the call for bids shall include a statement that payment for such work will be made in cash warrants drawn upon the "Local Improvement Fund . " Section 7 . There is created and established in the office of the City Treasurer for the District the Local Improvement Fund, into which fund shall be deposited the proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund which may be issued and sold by the City and collections pertaining to assessments and any federal and state grants received therefor , and against which fund shall be issued cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the improvement, and against which fund cash warrants shall be issued in pay- ment for all other items of expense in connection with the improvement . Section 8 . Within fifteen (15) days of the passage of this ordinance there shall be filed with the City Treasurer the title of the improvement and District number, a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the - 4 -