Laserfiche WebLink
<br />7. The bonds shall be executed on behalf of the <br />City by the signature of its Mayor and the signature of <br />its City Manager and be sealed with the seal of the City; <br />provided, that one of such signatures and the seal of the <br />City may be printed facsimiles. The interest coupons per- <br />taining thereto shall be executed by the printed, engraved <br />or lithographed facsimile signatures of the Mayor and City <br />Manager. <br /> <br />8. The said bonds when so prepared and executed <br />shall be delivered by the Treasurer to the purchaser thereof <br />upon receipt of the purchase price, and the said purchaser <br />shall not be obliged to see to the proper application thereof. <br /> <br />9. There is hereby created a special fund to be <br />designated "General Obligation City Hall Bonds Fund" to <br />be held and administered by the City Treasurer separate <br />and apart from all other funds of the City. Said fund shall <br />be maintained in the manner herein specified until all of <br />the bonds herein authorized and the interest thereon have <br />been fully paid. In said fund there shall be maintained <br />two separate accounts, to be designated as the "Construction <br />Account" and the "Sinking Fund Account", respectively. The <br />proceeds of the sale of the bonds herein authorized, less <br />any premium and accrued interest received thereon, and less <br />any amount paid for said bonds in excess of $835,000, shall <br />be credited to the Construction Account, from which there <br />shall be paid all costs and expenses of said project, including <br />the costs of construction contracts heretofore let and all <br />other costs incurred and to be incurred and the moneys in <br />said account shall be used for no other purpose, provided <br />that the bond proceeds may also be used to the extent necessary <br />to pay interest on said bonds due prior to the anticipated <br />date of commencement of the collection of taxes herein levied. <br />There is hereby pledged and there shall be credited to the <br />Sinking Fund Account, all accrued interest received upon <br />delivery of said bonds, all funds paid for the bonds in <br />excess of $835,000, collections of all taxes herein levied <br />for the payment of said bonds, and all funds remaining in <br />said Construction Account after completion of the project <br />and payment of the costs thereof. The Sinking Fund Account <br />shall be used solely to pay principal and interest on the <br />bonds issued hereunder and any other general obligation <br />bonds of the City hereafter issued by the City and made <br />payable from said account. <br /> <br />10. To provide moneys for the payment of said <br />principal and interest there is hereby levied upon all of <br />the taxable property in the City a direct annual ad valorem <br /> <br />-6- <br />