1966 ORD 1275 - Laserfiche WebLink

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to the acquisition and construction of the municipal improve, ment described in the bond proposition in the recitals hereof, except as provided in Section 4362e of the Government Code Section 4. That any Premium or accrued interest received from the sale of said bonds shall forthwith be turned over to and placed In said treasury in the interest and redemption fund hereinafter created. That for the purpose of paying the principal and interest of saidbonds, the City Council of said city shall, at the time of fixing the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city set apart for that purpose Suf rioiept to meet all payments of principal and interest on said binds as they become due, leery and collect a tax sufficient to pay the interest on said bonds as it falls due and such past of..the principal thereof as will become due before the proceeds of.a tax levied at the next gen- eral tax Levy will be'available. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes, and shall forthwith be turned over and paid into a fund of the city to be known as "RAILWAY UNDERPASS BONS, ELECTION 196'5,, INTEREST AND REDEMPTION FUND". Said fund shall be used for no other purpose than the payment of said bonds and interest thereon until said bonds and interest are fully paid, Section That said bonds and the coupons for the interest thereon shall be Issued in substantially the following_ form: