Laserfiche WebLink
<br /> Registrar, until a successor Paying Agent/Registrar shall have <br /> become such pursuant to the applicable provisions of this <br /> Ordinance, after which said term shall mean such successor; <br /> (n) The term "Predecessor Bond" means Bonds cancelled <br /> by this Ordinance, evidencing all or a portion, as the case may <br /> be, of the same debt evidenced by the new Bond or Certificates, <br /> registered and delivered in the exchange or transfer therefor, and <br /> such term includes any Bond registered and delivered pursuant to <br /> this Ordinance in lieu of a mutilated, lost, destroyed or stolen <br /> Bond which shall be deemed to evidence the same obligation as the <br /> mutilated, lost, destroyed or stolen Bond; <br /> (0) The term "Registration Books" means the books <br /> established and maintained for the registration, payment and <br /> transfer of Bonds provided in section 4 of this Ordinance. <br /> section 11. TAX LEVY. A special "Interest and Sinking <br /> Fund" is hereby created and shall be established and maintained by <br /> the City at an official depository bank of the City, and shall be <br /> used only for paying the interest on and the principal of the <br /> Bonds. All ad valorem taxes levied and collected for and on <br /> account of the Bonds shall be deposited, as collected, to the <br /> credit of said Interest and Sinking Fund. During each year while <br /> any of the Bonds or interest thereon are outstanding and unpaid, <br /> the governing body of the City shall compute and ascertain a rate <br /> and amount of ad valorem tax which will be sufficient to raise and <br /> produce the money required to pay the interest on the Bonds as <br /> such interest comes due, and to provide and maintain a sinking <br /> fund adequate to pay the principal of the Bonds as such principal <br /> matures (but never less than 2% of the original principal amount <br /> of the Bonds as a sinking fund each year); and said tax shall be <br /> based on the latest approved tax rolls of the Issuer, with full <br /> allowance being made for tax delinquencies and the cost of tax <br /> collection. Said rate and amount of ad valorem tax is hereby <br /> levied, and is hereby ordered to be levied, against all taxable <br /> ¡¡:>roperty in the City for each year while any of the Bonds or <br /> 1nterest thereon are outstanding and unpaid; and said tax shall <br /> be assessed and collected each such year and deposited to the <br /> credit of the Interest and Sinking Fund created by this Ordinance. <br /> Said ad valorem taxes sufficient to provide for the payment of the <br /> interest on and principal of the Bonds, as such interest comes due <br /> and such principal matures, are hereby pledged for such payment, <br /> within the limits prescribed by law. <br /> Section 12. REVENUE PLEDGE. The Bonds are additionally <br /> secured by and shall be payable from a pledge of the Surplus <br /> Revenues. Notwithstanding the requirements of section 12, if <br /> Surplus Revenues are actually on deposit in the Interest and <br /> Sinking Fund in advance of the time when ad valorem taxes are <br /> scheduled to be levied for any year, then the amount of taxes <br /> which otherwise would have been required to be levied pursuant to <br /> section 6 may be reduced to the extent and by the amount of the <br /> -13- <br />