Ord 1982-022 - Laserfiche WebLink

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established on or before January l5, 1982, and semi-annually on or before the l5th day of each June and December thereafter, until the certificates hereby author ized and all interest thereon have been paid, such amounts as shall be at least sufficient together with other amounts, if any, then on deposit in said Interest and Sinking Fund to pay the interest on and principal, if any, scheduled to come due on the certificates hereby authorized on the next interest payment date. The Interest and Sinking Fund shall be used to pay the principal of and interest on the certificates hereby authorized as such principal matures and as such interest comes due. Section lO. All ad valorem taxes levied and collected on account of the certificates shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During each year while any of the certificates or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said 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 certificates as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of the certificates as such principal matures (but never less than 2% of the original principal amount of the certificates as a sinking fund each year); and said tax shall be based on the latest approved tax rolls of said Ci ty, wi th full allowance being made for tax delinquencies and the cost of tax collection. Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in said City for each year while any of the certificates or interest coupons appertaining thereto are outstanding and unpaid; and said tax shall be assessed and collected each such year and deposited to the credit of the Interest and Sinking Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and pr incipal of the certificates, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, wi thin the limi t prescribed by law. It is specifically provided that to the extent necessary the payments into the Interest and Sinking Fund as hereinabove required shall be made from funds derived from taxation. The amount of taxes to be provided annually for the payment of principal of and interest on the certificates shall be determined and accomplished as follows: the Ci ty' s annual budget shall reflect (a) the amount of debt service requirements to become due on the certificates in the next succeeding fiscal year of the City, (b) the amount of deposit in the Interest and Sinking Fund, as of the date such budget is prepared (after giving effect to any payments required to be made during the remainder of the then current fiscal year) and (c) the amount of net revenues estimated and budgeted to be available for the payment of such debt service requirements on the certificates during the next succeeding fiscal year of the City (based upon the amount of net revenues available from the preceding fiscal year). The amount required to be provided in the succeeding fiscal year of the City from ad valorem taxes shall be the amount, if any, the debt service requirements on the certificates in such fiscal year exceed the sum of (i) the amount shown to be on deposit in the Interest and Sinking Fund at the time the annual budget is prepared and (ii) the net revenues shown to be budgeted and available for payment of such debt service requirements. Following final approval of the Ci ty' s annual budget, the Ci ty Council shall levy an ad valorem tax at a rate sufficient to produce taxes in the amount so determined, to be used for the purpose of paying the principal and interest on the certificates in the next succeeding fiscal year of the City. Section 11. The City covenants and agrees with the holders of the certificates that it will at all times collect rates and charges in connection with its ownership and operation of the system as will be at least sufficient to provide net revenues which will be, together with the funds to be derived from taxation as hereinabove provided, adequate to pay promptly all of the principal of and interest on the