Res 1985-045 - Laserfiche WebLink

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(iii) Bonds that have been mutilated, destroyed, lost, or stolen and replacement Bonds have been registered and delivered in lieu thereof as provided in this ordinance; and (iv) Bonds for which the payment of the principal of, premium, if any, and interest on has been duly provided by the deposit in trust of money or Government Securities, or both, as provided in this Ordinance. (j) The term "Government Securities" means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, which are non-callable prior to the respective Maturities of the Bonds, and may be United States Treasury Obligations such as the State and Local Government Series, and may be in book-entry form; (k) The term "Paying Agent/Registrar" means the Paying Agent/Registrar named in this Ordinance as such Paying Agent/ Registrar, until a successor Paying Agent/Registrar shall have become such pursuant to the applicable provisions of this Ordinance, after which said term shall mean such successor; (1) The term "Predecessor Bond" means Bonds cancelled by this Ord1nance, evidencing all or a portion, as the case may be, of the same debt evidenced by the new Bond or Bonds, registered and delivered in the exchange or transfer therefor, and such term includes any Bond registered and delivered pursuant to this Ordinance in lieu of a mutilated, lost, destroyed or stolen Bond which shall be deemed to 6vidence the same obligation as the mutilated, lost, destroyed or stolen Bond; (m) The term "Registration Books" means the books established and maintained for the registration, payment and transfer of Bonds provided in Section 5 of this Ordinance. Section 12. TAX LEVY. A special Interest and Sinking Fund is hereby created for the benefit of the bonds, and said Interest and Sinkin9 Fund shall be established and maintained by the City at an off1cial depository bank of the City. Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of the City and shall be used only for paying the interest on and principal of the Bonds. All ad valorem taxes levied and collected for and on account of the Bonds shall be deposited as collected to the credit of said Interest and Sinking Fund. During each year while any of the Bonds or interest thereon are outstanding and unpaid, the governing body of the City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on the Bonds as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of the Bonds as such principal matures (but never less than 2% of the original principal amount of the Bonds as a sinking fund each -15-