Laserfiche WebLink
Pledged Taxes shall have been collected, reimbursement shall be made to said funds in the <br /> amount so advanced. The City covenants and agrees with the purchasers and registered <br /> owners of the Bonds that so long as any of the Bonds remain outstanding, the City will take <br /> no action or fail to take any action which in any way would adversely affect the ability of the <br /> City to levy and collect the foregoing tax levy. The City and its officers will comply with <br /> all present and future applicable laws in order to assure that the Pledged Taxes may be <br /> levied, extended and collected as provided herein and deposited into the Bond Fund. <br /> It is the intent of the Council that the collections received by the City from taxes <br /> imposed by the State pursuant to the Use Tax Act, the Service Use Tax Act, the Service <br /> Occupation Tax Act, and the Retailer's Occupation Tax Act, each as supplemented and <br /> amended, or substitute taxes therefor as provided by the State of Illinois in the future <br /> (collectively, the "Sales Taxes"), be made available for the purpose of paying any principal <br /> of or interest on the Bonds so as to enable the abatement of the taxes levied herein for the <br /> payment of same, and the Council shall, by proper proceedings, direct the deposit of the <br /> Sales Taxes into the Bond Fund and further shall direct the abatement of the taxes by the <br /> amount so deposited. When sufficient Sales Taxes or other lawfully available funds have <br /> been deposited into the Bond..Fund to enable the abatement of the Pledged Taxes for the <br /> current year's debt service payments (i.e., July 1 and the following January 1 debt service <br /> payments), additional Sales Taxes received and available in such year shall be available for <br /> any other lawful municipal purpose for the Sales Taxes, as the Council may deternune. A <br /> certified copy or other notification of any proceedings abating taxes shall be filed with the <br /> County Clerk in a timely manner to effect such abatement. <br /> Notwithstanding the proceeding paragraph, additional bonds or other obligations <br /> payable from the Sales Taxes may be issued from time to time without regard to the lien <br /> -21- <br />