2005 Ordinances - Laserfiche WebLink

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~ '..... . utility improvements, drainage and street improvements, education/ school improvements, economic development projects, leisure services improvements, public safety improvements and municipal facilities improvements; (ii) to pay capitalized interest; and (iii) to pay the costs of issuing such Bonds. The proceeds from the sale of the General Obligation Refunding Bonds shall be used (i) to refund all or a portion of the Prior Tax-Exempt Bonds; (ii) to pay capitalized interest; and (iii) to pay the costs of issuing such Bonds. The proceeds from the sale of the General Obligation Public Utility Refunding Bonds shall be used (i) to refund all or a portion of the Prior Tax- Exempt Public Utility Bonds; (ii) to pay capitalized interest; and (iii) to pay the costs of issuing such Bonds. The proceeds from the sale of the Taxable General Obligation Refunding Bonds shall be used (i) to refund all or a portion of the Prior Taxable Bonds; (ii) to pay capitalized interest; and (iii) to pay the costs of issuing such Bonds. . The issuance and sale of the Bonds in one or more series from time to time in accordance with this Ordinance are authorized. 2. Pledge of Full Faith and Credit. (a) The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. .