1970 ORD NO 1367 - Laserfiche WebLink

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collect a tax sufficient to pay the interest on said bonds as it falls due and such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. Said tax shall be in addition to all other taxes levied for municipal pur- poses and shall be levied and collected in the same manner as other City taxes, and shall forthwith 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, INTEREST AND SINKING 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 6. Said bonds and the coupons for the interest thereon shall be issued in substantially the following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF COLTON, 1970 ELECTRIC UTILITY BOND No. $5,000 The CITY OF COLTON, a municipal corporation situ- ated in the County of San Bernardino, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pa to the bearer hereof the sum of FIVE THOU- SAND DOLLARS (5,000) on the first day of September, 19 , with interest thereon at the rate of per cent ( %) per annum, interest for the first year payable at the end of said year and interest thereafter payable semiannually on the first days of March and September of each and every year from the date hereof until this bond is paid, on presenta- tion and surrender of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of the City of Colton, California, in said City, or at the option of the holder hereof, at any paying agent of said City in the Cities of Los Angeles, or San Fran- cisco, California, Chicago, Illinois, or New York, New York. 4.