Laserfiche WebLink
10 re <br />set forth, for constructing extensions, betterments and <br />improvements to the City, or for any other lawful municipal <br />purpose. <br />Section 14. (a) Upon delivery of the bonds there <br />shall be transferred, from funds or accounts being maintained <br />pursuant to Ordinances authorizing and pertaining to the <br />1967 Bonds, the 1965 Bonds, and the 1961 Bonds, and deposited <br />in the Bond Fund, as a debt service reserve, hereby establish <br />an amount equal to the average annual principal and interest <br />requirements on the bonds, which amount shall be held and <br />used solely for the purposes as set forth in Section 10 <br />hereof. <br />(b) After complying with (a) above, any monies now <br />being held in any fund or account being maintained pursuant <br />to the Ordinances authorizing and pertaining to the 1967 <br />Bonds, the 1965 Bonds, or the 1961 Bonds, shall be transferred <br />to the corresponding fund or funds created and to be maintained <br />pursuant to the provisions of this Ordinance. <br />Section 15. The City hereby agrees that all payments <br />on the bonds and interest shall be made only through the <br />Paying Agent. All bonds paid at maturity or redemption <br />prior to maturity shall be cancelled when such payment is <br />made, together with all unmatured coupons appertaining <br />thereto, and shall not be reissued. All unpaid interest <br />coupons maturing on or prior to the date of such payment <br />shall continue to be payable to the respective bearers <br />thereof. <br />Section 16. As long as any of the bonds authorized and <br />issued under and pursuant to the provisions of this Ordinance <br />are outstanding, the City shall not issue or attempt to <br />issue any bonds claimed to be entitled to a priority of lien <br />