Ordinance 826-81 - Laserfiche WebLink

Housing Authority in developing. additional housing for Low-income Elderly Persons pursuant to the Housing Cooperation Agreement and this ordinance and for paying costs incidental to the issuance of the Bonds, except if for any reason the Legislative Authority of the City determines that further assistance to the Housing Authority is not feasible or practicable, the balance remaining in the Housing Development Fund may, subject to the provisions of the Housing Cooperation Agreement, be deposited in the Bond Redemption Fund. Proceeds of the Bonds shall not be used to pay any costs of mainten- ance and operation of housing units or for any other than a capital purpose. Section 6 . There shall be created in the office of the City Treasurer of the City a special fund of the City to be known as the "1982 Housing Bond Redemption Fund" (herein referred to as the "Bond Redemption Fund" ) , into which shall be placed the taxes hereafter levied , or the same may be placed in a consolidated bond interest and redemption fund of the City, which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. Any proceeds resulting from authorized temporary invest- ments of the Bond Redemption Fund or such investment proceeds of any of the taxes hereafter levied placed in a consolidated bond interest and redemption fund shall be used for the sole purpose of retiring the Bonds or paying the interest thereon. The City irrevocably covenants and agrees that each year during the life of the Bonds, if authorized by the voters as provided in Section 8 hereof , it will cause to be levied annually a tax upon all the property within the City subject to taxation in an amount which, together with any other money legally available and to be used therefor, will be sufficient to pay the principal of and interest on the Bonds as the same shall become due. All of such taxes so collected shall be paid into the Bond Redemption Fund. 7