Ordinance 409-76 - Laserfiche WebLink

ATTEST: City Clerk Section 5: The Bonds shall be signed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Clerk and shall have the official seal of the City impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 6: There has heretofore been created a special fund of the City known as the "Park Construction Fund. " All moneys received from the sale of the Bonds (except for accrued interest, if any, which shall be paid into the Bond Redemption Fund hereinafter created) and any moneys which the City may now have on hand or may later receive which are to be used for the purpose of paying part of the costs of acquiring, constructing and equipping the facilities described in Section 1, shall be paid into such Construction Fund. The moneys in such Construction Fund shall be used for the purpose provided in this ordinance and, if necessary, for redeeming and retiring any warrants drawn thereon or for reimbursing any other fund or account of the City which may have been drawn upon to pay any part or all of the costs of acquisition and construction of the hereinbefore authorized improvements. Section 7 . There is hereby created a special fund of the City to be known as the "1976 Recreation Facilities General Obli- gation Bond Redemption Fund, " which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. The City covenants and agrees for as long as any of the Bonds are outstanding and unpaid that each year it will include in its budget and cause to be levied annually a tax upon all the -6-