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EM <br />-11 - <br />Section 6. That the bonds authorized hereby shall constitute <br />general obligations of the City to the payment of the principal of <br />and interest on which the City hereby pledges its full faith, <br />credit and taxing power, including the proceeds of a 3.44 mill <br />special continuing annual tax on each dollar of the assessed valua- <br />tion of all taxable real and personal property within the City (the <br />"special tax"). The special tax was levied by Ordinance No. 774, <br />adopted and approved September 9, 1969 ("Ordinance No. 774"), the <br />provisions of which are hereby confirmed. The levy of the special <br />tax is hereby confirmed, and the special tax shall be collected <br />annually until all of the principal of and interest on the bonds <br />are paid in full or until adequate provision is made for their payment. <br />The City covenants and agrees that at all times while any of the <br />bonds are outstanding all of the revenues from the special tax, as <br />and when received, shall be placed in a separate fund which is hereby <br />created and designated "1977 General Obligation Refunding Bona -Fund" <br />(the "Bond Fund"), in a bank or banks designated from time to time by <br />the City Council of the City holding membership in the Federal Deposit <br />Insurance Corporation, and used solely for the payment of the principal <br />of, interest on and Trustee's and Paying Agent's fees in connection <br />with the bonds. The amount of the deposit in excess of that insured <br />by the Federal Deposit Insurance Corporation must be continuously <br />secured by bonds or other direct or fully guaranteed obligations of <br />the United States of America, except that moneys invested as hereinafter <br />provided need not be so secured. Moneys in the Bond Fund may be <br />invested in direct obligations of, or obligations the principal of <br />and interest on which are guaranteed by, the United States of America, <br />which mature or are subject to redemption at the option of the holder <br />at or prior to the date the moneys will be needed to meet debt service <br />requirements on the bonds. All such investments shall be considered <br />