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Ordinance 666-80
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Ordinance 666-80
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9/24/2018 9:35:09 AM
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Ordinances
Ordinance Number
666-80
Date
2/27/1980
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• <br /> • <br /> Notice of such intended redemption shall be given in writing <br /> to the original purchaser of the Warrant or Warrants to be redeemed <br /> at least four business days in advance of the scheduled time of <br /> such intended redemption. Interest on any Warrant so redeemed <br /> shall cease on such redemption date unless the Warrant is not <br /> redeemed upon presentation made pursuant to such call. <br /> Section 4 . All proceeds of sale of Warrants shall be paid <br /> into the Project Funds of the City created by the Plan Ordinances . <br /> The amounts paid into each such fund shall not exceed the amount <br /> appropriated to such fund by the ordinance creating it. <br /> Section 5. There is hereby created a special fund of the <br /> • City to be known as the "Water and Sewer Revenue Warrant Fund (#224) " <br /> (heretofore defined as the "Warrant Fund") , which Fund is to be <br /> drawn upon for the sole purpose of paying the principal of and interest <br /> on the Warrants . <br /> The City hereby ogligates and binds itself to set aside and <br /> pay into the Warrant Fund out of the proceeds of the sale of the <br /> water and sewer revenue bonds to be issued for the Project, as ' <br /> authorized by the Plan Ordinances, or out of the Net Revenue of <br /> the System legally available therefor after the payment of the <br /> costs of debt service on any water and sewer revenue bonds of the <br /> City, amounts sufficient, together with other available funds, to <br /> pay the principal and interest on all outstanding Warrants . <br /> The City hereby covenants that it will issue water and sewer <br /> revenue bonds in an amount sufficient, with other moneys of the <br /> City, if any, legally available and specifically set aside for <br /> such purpose, to pay the principal of and interest on the then <br /> • <br /> outstanding Warrants . <br /> The City further covenants that simultaneously with the <br /> receipt of the proceeds of sale of such bonds it will pay into <br /> _3_ <br />
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