Ordinance 826-81 - Laserfiche WebLink

The City irrevocably pledges that the annual tax provided • for herein to be levied for the payment of such principal and interest, if approved by the voters as provided in Section 8 hereof, together with any other money legally available and to be used therefor, will be and is irrevocably set aside, pledged and appro- priated for the payment of the principal of and interest on the Bonds. The full faith, credit and resources of the City are pledged for the annual levy and collection of such taxes and to the prompt payment of the principal of and interest on the Bonds as the same shall become due. Section 7. After voter approval and pending sale and delivery of the Bonds authorized by Section 4 hereof, the Mayor and City Treasurer are authorized for and on behalf of the City to execute a promissory note or notes or warrant or warrants providing for a loan or loans of funds from a bank or banks, or other lending institutions, in a total amount not to exceed the amount of the Bonds, to bear interest at a rate or rates to be negotiated by the City Treasurer, with the maturity dates of such note or notes or warrants to be no later than three (3) years from the date of execution or issuance, and including, in the discretion of the City Treasurer, provision for early repayment. Such warrants may be redeemed or loans repaid from the proceeds of the Bonds or the temporary Bond or the General Fund or other money as may be made available. Section 8. The City Council finds that an emergency exists requiring the development of the housing projects as described in this ordinance and that as a result of the existence of such an emergency, it is necessary to call a special election. A special election is, therefore, called to be held in the City as provided by law on February 2, 1982, at which there shall be submitted to the qualified voters of the City for their ratification or rejection the following proposition: 8