92-055 RES - Laserfiche WebLink

Home Browse Search

. shall be transferred to the separate account in the general debt service fund of the City authorized by Section 4 of this Resolution. . Section 4. Common Debt Service Account. The Certificates shall be payable from a separate account in the Common Debt Service Account of the City which shall be established solely for the payment of the Certificates. Such account shall be designated the "1992 General Obligation Equipment Certificates Debt Service Account." The City agrees to maintain such account until the Certificates have been paid in full. Into such account shall be paid all receipts from the taxes levied to pay the Certificates and any other money appropriated to such account from any other source. If the money in such account shall at any time be insufficient to pay principal and interest due on the Certificates, such amounts shall be paid from the general fund of the City, which shall be reimbursed therefor when sufficient money becomes available in such account. The monies on hand in such account from time to time shall be used only to pay the principal of and interest on the Certificates and such other general obligation certificates or bonds of the City as are made payable therefrom by the City Council in accordance with applicable law. Any sums from time to time held in such separate account (or any City fund which will be used to pay principal or interest to become due on the Certificates) in excess of amounts which under Section 148 of the Internal Revenue Code of 1986, as amended (the Code), may be invested without regard to yield, shall not be invested at a yield in excess of the applicable yield restrictions imposed by such regulations. Section 5. Pledqe of Taxinq Powers. The full faith and credit and taxing powers of the City are hereby irrevocably pledged to the payment of the Certificates and the interest thereon when due. Taxes in the amount of Thirty Thousand Dollars ($30,000), which are to be applied to the payment of principal and interest on the Certificates, were levied in Resolution No. 91-76 of this Council , adopted December 16, 1991. For the purpose of producing sums which will not be less than five percent (5%) in excess of the principal of and interest on the Certificates when due, there is hereby levied upon all taxable property within the corporate limits of the City, a direct, annual, ad valorem tax to be levied in the years set forth below, and in the amounts set forth opposite such years, to be collected in the respective succeeding collection years: Levy Year Collection Year Amount 1992 1993 $25,664 . 1993 1994 24,550 1994 1995 23,437 1995 1996 22,323