Resolution 1228 - Laserfiche WebLink

Home Browse Search

� . . • 6. There is hereby created �a special fund, to be known • as Improvement Bonds of 1980 Fund, and tl� principal of and interest on the bonds herein authorized shall be paid from said Fund; provided, however, that if the principal or interest upon the said bonds shall become due and payable and there are insuf- ficient moneys in said Fund to pay such principal and interest, the 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 and special assessments for Improvement Projects Nos. 80-1 and 80-2. The � proceeds of the bonds herein authorized shall be deposited in a separate construction fund to be used solely for the prepayment . of expenses of Improvement Projects Nos. 80-1 and 80-2. Any remaining proceeds may be used for any lawful purpose. All collections of special assessments for Improvement Nos. 80-1 and 80-2 are hereby irrevocably appropriated and pledged to the payment of principal of and interest on the bonds herein author- ized, and the moneys and investments in the Improvement Bonds of 1980 Fund shall be used for no other purpose than to pay principal of and interest on the said 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 additional bonds payable from the proceeds of such assessments to provide additional funds to pay the balance of the cost of said improve- ments. • 7. It is hereby found and determined that the estimated collection of special assessments pledged for the payment of said bonds will, with the taxes hereby levied, produce at least five percent in excess of the amount needed to meet, when .due, the principal and interest payments on the bonds and further found and determined that the special benefits to be assessed against assessable property for each improvement will, in . any case, be more than 20% of the cost of the improvement to the municipality. For the purpose of paying the City' s share of the cost of said improvements, there is hereby levied on all taxable property within the corporate limits of the City a general ad valorem tax � in the years collectible and in the amount provided as follows: See attached computation of levy and assessments. � 8. The City Clerk is authorized and directed to prepare and furnish to the purchaser and to the attorneys approv- ing the bonds, certified copies of all proceedings and records relating to the issuance of said General Obligation Improvement Bonds of 1980, and to the right, power and authority of the City and its officers to issue the same, and said certified copies and • certificates shall be deemed the representations of tY�e City as to all matters stated therein. -6-