1970 ORD NO 1367 - Laserfiche WebLink

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Section 3. The Mayor and the City Treasurer of said City are authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, the City Clerk of said City is authorized and directed to countersign said bonds and to affix thereto the corporate seal of said City, and the City Treasurer of said City is authorized and directed to sign the interest coupons of said bonds by his printed.) lithographed or engraved fac- simile signature, and to number said interest coupons of each of said bonds consecutively. Section 4. The proceeds of the sale of said bonds, except Premium and accrued interest, if any, shall be turned over and placed in the treasury of said City to the credit of a fund hereby created and designated "CITY OF COLTON, 1970 ELECTRIC UTILITY BONDS, ACQUISITION AND CONSTRUCTION FUND,," and the moneys in said fund shall be applied exclusively to the acquisition and construction of additions to and im- provements of the electric utility system of said City, except as provided in Section 43628 of the Government Code. Section 5. Any premium or accrued interest re- ceived from the sale of said bonds shall be turned over to and placed in said treasury in the interest and sinking fund hereinafter created. For the purpose of paying the principal and interest of said bonds, 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 sufficient to meet all payments of principal and interest of said bonds as they become due, levy and 3.