05-28-74 Special Mtg. - Laserfiche WebLink

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1503 7. The bonds shall be executed on behalf of the City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interest coupons pertaining thereto shall be executed by the printed, engraved of lithographed fac- simile signatures of the Mayor and Clerk. 8. The said bonds when so prepared and executed shall be de- livered by the Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the proper application thereof. [ 9. There is hereby created a special fund to be designated "General Obligation Bonds of 1974 Fund~' to be held and administered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified until all of the bonds herein authorized and the interest thereon have been fully paid. In said fund there shall be maintained two separate accounts, to be desig- nated as the "Construction Account" and the "Sinking Fund Account", res- pectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon and less any amount paid for said bonds in excess of $925,000, shall be credited to the Construction Account, from which there shall be paid all costs and expensesi'of said pro- ject, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used to the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement of the collection of taxes herein levied. There is pledged and there shall be credited to the Sinking Account all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $925,000, collections of all taxes herein levied for the payment of said bonds, and all funds remaining in said Construction Account after com- pletion of the project and payment of the costs thereof. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the City hereafter issued by the City and made payable from said account. r----., I l_ Any (a) earnings or net profits derived from investment or de- posit of the proceeds of said bonds not expended for said project, (b) accrued interest and premium received upon the sale of said bonds, and (c) any other bond proceeds not expended for said project will be applied against interest and/or principal due on said bonds within three years of their date of issue. 10. To provide moneys for the payment of said principal and inter- est there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of, other general property taxes in said City for the years and in the amounts as follows: . Year of Tax Year of Tax Amount Levy Collection 1974 1975 $84,719 1975 1976 84,546 1976 1977 82,971 1977 1978 81,396 1978 1979 85,071 1979 1980 83,234 1980 1981 86,610 1981 1982 84,426 '-1 ! I 1982 1983 82,221 I t I I 1983 1984 85,245 I I '--' 1984 1985 82,693 1985 1986 85,344 1986 1987 82,404 1987 1988 84,662 1988 1989 86,562 1989 1990 82,845 1990 1991 84,315 1991 1992 85,470 1992 1993 81,060 1993 1994 55,650