06-23-1997 Council Packet - Laserfiche WebLink

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i ; Bond shall cany all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 10. As to any Bond, the City and the Bond Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such Bond shall be made only to or upon the order of the registered owner thereof, but such registration may be changed as above provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 11 . There is hereby created a special fund, to be known as the Improvement Bonds of 1997 Fund, for purpose of paying principal and interest on the Bonds, and in the event the principal of and interest upon the said Bonds shall become due and payable and there are insufficient moneys in said fund to pay such principal and interest, the City Treasurer is authorized and directed to pay said principal and interest from the general fund and thereafter to reimburse said general fund from collections of taxes levied pursuant hereto and special assessments for the Improvements. The proceeds of the Bonds herein authorized shall be deposited in a separate construction fund to be used solely for the payment of expenses of such Improvements. Any remaining proceeds may be used for any lawful purpose. All future collections of special assessments for the Improvements are hereby irrevocably appropriated and pledged to the payment of principal of and interest on the Bonds herein autliorized, and the moneys and investments in the Improvement Bonds of 1997 Fund shall be used for no other purpose than to pay principal and interest on the Bonds until such principal and interest shall have been paid in full; provided, however, that nothing herein contained shall prevent the issuance and sale of addition2il bonds payable from the proceeds of such assessments to provide additional funds to pay the balance of the cost of said Improvements. The City is hereby authorized to levy assessments for said Improvements for which special assessments have not heretofore been levied. The City Treasurer may create separate accounts within the Improvement Bonds of 1997 Fund for any capitalized interest and for assessment prepayments. 12. There is hereby levied upon all the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected as part of other general ad valorem taxes of the City in the years and amounts as follows: Lew Year 1997 1998 1999 2000 Collection Year 1998 1999 2000 2001 Amount -13-