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91-030 RES
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91-030 RES
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12/3/2007 2:37:10 PM
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7/18/2005 3:23:36 PM
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City Government
type
RES
date
5/13/1991
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<br />.r._~vy __Y~cg~ <br /> <br />~_o IJ,.J~c:tj,:Qn_~.~_gX <br /> <br />l\.rnQJJItt <br /> <br /> <br />e <br /> <br />shall be transferred to the separate account in the general <br />debt service fund of the City authorized by Section 4 of this <br />Resolution. <br /> <br />e <br /> <br />Section 4. rommoD DeQt~~rvi~e 8ccQ~rrt. The <br />Certificates shall be payable from a separate account in the <br />Common Debt Service Account of the City which shall be <br />established solely for the payment of the Certificates. Such <br />account shall be designated the "1991 General Obligation <br />Equipment Certificates Debt Service Account." The City agrees <br />to maintain such account until the Certificates have been paid <br />in full. Into such account shall be paid all receipts from the <br />taxes levied to pay the Certificates and any other money <br />appropriated to such account from any other source. If the <br />money in such account shall at any time be insufficient to pay <br />principal and interest due on the Certificates, such amounts <br />shall be paid from the general fund of the City, which shall be <br />reimbursed therefor when sufficient money becomes available in <br />such account. The monies on hand in such account from time to <br />time shall be used only to pay the principal of and interest on <br />the Certificates and such other general obligation certificates <br />or bonds of the City as are made payable therefrom by the City <br />Council in accordance with applicable law. Any sums from time <br />to time held in such separate account (or any City fund which <br />will be used to pay principal or interest to become due on the <br />Certificates) in excess of amounts which under Section 148 of <br />the Internal Revenue Code of 1986, as amended (the Code), may <br />be invested without regard to yield, shall not be invested at a <br />yield in excess of the applicable yield restrictions imposed by <br />such regulations. <br /> <br />Section 5. ~le_(:1~t~L9_f_'I'glLtng__PQw~_:r~. The full faith and <br />credit and taxing powers of the City are hereby irrevocably <br />pledged to the payment of the Certificates and the interest <br />thereon when due. Taxes in the amount of Thirty Thousand <br />Dollars ($30,000), which are to be applied to the payment of <br />principal and interest on the Certificates, were levied in <br />Resolution No. 90-68 of this Council, adopted December 13, <br />1990. For the purpose of producing sums which will not be less <br />than five percent (5%) in excess of the principal of and <br />interest on the Certificates when due, there is hereby levied <br />upon all taxable property within the corporate limits of the <br />City, a direct, annual, EliL-ya~9Jem tax to be levied in the <br />years set forth below, and in the amounts set forth opposite <br />such years, to be collected in the respective succeeding <br />collection years: <br /> <br />e <br /> <br />1991 <br />1992 <br />1993 <br />1994 <br /> <br />1992 <br />1993 <br />1994 <br />1995 <br /> <br />$29,554 <br />26,710 <br />25,266 <br />23,822 <br />
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