Laserfiche WebLink
Section 13. Tax Levy. For the purpose of providing funds required to pay the interest on <br /> the Bonds promptly when and as the same falls due, and to pay and disclarge the principal <br /> thereof at maturity, there is hereby levied upon all of the taxable property wit fin the City, in the <br /> years for which any of the Bonds are outstanding (namely, 2014 through 203 ), a direct annual <br /> tax sufficient for that purpose in a yearly amount not to exceed $2,000, 100 (the "Pledged <br /> Taxes'). Such levy shall be fidly set forth in the Bond Notification; and if there shall be more <br /> than one series of the Bonds, the levy for each such series shall be set fiorth in the Bond <br /> Notification therefor. <br /> The Pledged Taxes and other moneys on deposit (collectively, the "Bot d Moneys") in the <br /> Bond Fund shall be applied to pay principal of and interest on the Bonds. <br /> Interest or principal coming due at any time when there are insuffici nt funds on hand <br /> from the Pledged Taxes to pay the same shall be paid promptly when due froin current funds on <br /> hand in advance of the collection of the Pledged Taxes herein levied; and when the Pledged <br /> Taxes shall have been collected, reimbursement shall be made to said funds in the amount so <br /> advanced. The City covenants and agrees with the purchasers and registe ed owners of the <br /> Bonds that so long as any of the Bonds remain outstanding, the City will take no action or fail to <br /> take any action which in any way would adversely affect the ability of the City to levy and collect <br /> the foregoing tax levy. The City and its officers will comply with all present and future <br /> applicable laws in order to assure that the Pledged Taxes may be levied, extended and collected <br /> as provided herein and deposited into the Bond Fund. <br /> Whenever other funds from any lawful source are made available 1br the purpose of <br /> paying any principal of or interest on the Bonds so as to enable the abatem nt of the Pledged <br /> Taxes levied for the payment of same, the Council shall, by proper proc edings, direct the <br /> deposit of such funds into the Bond Fund and further shall direct the abatement of the taxes by <br /> -20- <br />