Ordinance 950-83 - Laserfiche WebLink

J , • • Created by LID No . Ordinance No . 703 645-79 706 778-81 708 783-81 710 834-82 Section 2 . There is created and established in the office of the City Treasurer for Consolidated Local Improvement District No . 1 a special consolidated local improvement district fund to be known and designated as "Consolidated Local Improve- ment Fund, District No . 1" (the "Bond Fund" ) . All money presently on hand representing collections pertaining to installments of assessments and interest thereon in each of the local improvement districts listed in Section 1 shall be trans- ferred to and deposited in the Bond Fund, and all collections pertaining to assessments on the assessment rolls of those local improvement districts when hereafter received shall be deposited in the Bond Fund to be issued to redeem outstanding Consolidated Local Improvement District No . 1 bonds . Section 3 . "Consolidated Local Improvement District No . 1 Bonds" (the "Bonds" ) shall be issued in the total principal sum of $497 , 451 .39, being the total amount on the assessment rolls of Local Improvement Districts Nos . 703 , 706 , 708 and 710 remaining uncollected after the expiration of the 30-day interest-free prepayment period. Bond No. 1 shall be in the denomination of $2 ,451 .39, and the remaining Bonds numbered 2 to 100, inclusive, shall be in the denomination of $5 , 000.00 each. The Bonds all shall be dated June 1, 1983 , and shall be payable on June 1, 2005, with the right reserved to the City to redeem the Bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest on all unpaid Bonds, by - 2 -