Ordinance 549-78 - Laserfiche WebLink

$5, 000 between the highest and the lowest annual payment of princi- pal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council shall in its discretion determine will be borne by such bonds. The bonds shall be paid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made without limitation as to rate or amount, and the bonds shall so provide. The bonds shall also be payable from any other money legally available and determined by the City Council to be used therefor. The date of issue, interest rate or rates, maturities, options of redemption, form and covenants of the bonds shall be hereafter fixed by ordinance of the City Council , and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4 . Supplemental or matching funds from federal , state or local public or private sources may become available to pay a portion of the cost of one or more Projects described in Section 1 or to supplement or enlarge such Projects. Whenever the City shall obtain matching or supplemental funds for any such Project, the amount of bond proceeds estimated to be applied to the cost of such Project may, to the extent of such matching or supplemental funds, be applied by the City Council to the enlargement or additional development of such Project or to the accomplishment of other such Projects. If all such Projects have either been completed, or their completion duly provided for, or their completion found to be impractical , such bond proceeds or any portion thereof may be applied by the City Council to carry out such other capital park purposes within the City as may be determined by the City Council to be consistent with the purposes of this ordinance or may be deposited in the bond redemption fund for the bonds and used to pay the bonds at the earliest possible date. - 3 -