06-10-1985 Council Packet - Laserfiche WebLink

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gain nor loss i- interest shall result from such transfer, exchange or sub-citution. 8. 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 p.ir- poses•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. 9. There is hereby created a special fund, to be known as the Improvement Bonds of 1985 Fund, and in the event the principal of and interest upon the said ',;i'G shall become due and payable and there are insufficient n. in said Fund to pay such principal and interest, the Finance ,_:.ector 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 hereby and special assessments for Project No. 85-1. The proceeds of the Bonds herein authorized shall be deposited in a separate construction fund to be used --lel;" for the payment of expenses of the Improvement. Any ining proceeds may be used for any lawful purpose. All ctions of special assessments for the Improvement are hereby cably appropriated and pledged to the payment of principal c interest on the Bonds herein authorized, and the moneys 31 estments in the Improvement Bonds of 1985 Fund shall be use _or no other purpose than to pay principal of and interest on the said Bonds until such principal and interest shall ha„ been paid in full; provided, however, that nothing herein crn- tained shall prevent the issuance and sale of additional bonds payable from the proceeds of such assessments to provide addi- tional funds to pay the balance of the ccst of said improvement. 10. It is hereby found and determined that the estimated collection of special assessments pledged for the pay- ment of saiA Bonds will, with the taxes hereby levied, produce at least five rcent in excess of the amount needed to meet, wh� due, the principal and interest payments on the Bond-, and it is further found and determined that the special benefits to be assessed against assessable property for the 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 improvement, there is hereby levied on all taxable -9-