Ord 2012-014 - Laserfiche WebLink

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sinking fund each year); and the tax shall be based on the latest approved tax rolls of the City, with full allowance being made for tax delinquencies and the cost of tax collection. The rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in the City for each year while any of the Bonds or interest thereon are outstanding and unpaid; and the tax shall be assessed and collected each such year and deposited credit of the Interest and Sinking Fund. The ad valorem taxes sufficient to provide for the payment of the interest on and principal of the Bonds, as such interest comes due and such principal matures, are hereby pledged for such payment, within the limit prescribed by law. Accrued interhe Bonds shall be deposited in the Interest and Sinking Fund. . (a) Any Bond and the interest thereon shall be Section 9. DEFEASANCE OF BONDS deemed to be paid, retired and no longer outstanding (a "Defeased Bond") within the meaning of this Ordinance, except to the extent provided in subsections (c) and (e) of this Section, when payment of the principal of such Bond, plus interest thereon to the due date or dates (whether such due date or dates be by reason of maturity, upon redemption, or otherwise) eer (i) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption or the establishment of irrevocable provisions for the giving of such notice) or (ii) shall have been provided for on or before such due date by irrevocably depositing with or making available to the Paying Agent/Registrar or an eligible trust company or commercial bank for such payment (1) lawful money of the United States of America sufficient to make h payment, (2) Defeasance Securities, certified by an independent public accounting firm of national reputation to mature as to principal and interest in such amounts and at such times as will the availability, without reinvestment, of sufficient money to provide for such payment anroper arrangements have been made by the City with the Paying Agent/Registrar or an eligible trust company or commercial bank for the payment of its services until all Defeased Bonds shall have become due and payable or (3) any combination of (1) and (2). At such time as a Bond shald to be a Defeased Bond hereunder, as aforesaid, such Bond and the interest thereon shall no longer be secured by, payable from, or entitled to the benefits of, the ad valorem taxes herein levied as provided in this Ordinance, and such principal and interest shall be payable solely from sucy or Defeasance Securities. (b) The deposit under clause (ii) of subsection (a) shall be def a Bond as aforesaid when proper notice of redemption of such Bond shall haven or upon the establishment of irrevocable provisions for the giving of such n in accordance with this Ordinance. Any money so deposited with the Paying Agent/Registr or an eligible trust company or commercial bank as provided in this Section may at the discre the City Council also be invested in Defeasance Securities, maturing in the amounts and at the times as hereinbefore set forth, and all income from all Defeasance Securities in possession of t Paying Agent/Registrar or an eligible trust company or commercial bank pursuant to this Sectin which is not required for the payment of such Bond and premium, if any, and interest thereon w respect to which such money has been so deposited, shall be remitted to the City Council. (c) Notwithstanding any provision of any other Section of this Ohich may be contrary to the provisions of this Section, all money or Defeasance Securities set aside and held in 19 San Marcos GORB 2012 - Delegated: Ordinance