2006 Ordinances - Laserfiche WebLink

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of thc City in an original principal amount not to excced $9,000,000; and (iv) General Obligation Notcs of the City in an original principal amount not to exceed $7.000.000. The proceeds from the sale of the General Obligation Bonds shall be used (i) to pay the costs of various public improvemcnts projects, which may include one or more of the following: public utility improvements. drainage and street improvements, education/school improvements, industrial and economic development projects, leisure services improvements. public safety improvements and municipal tilcilities improvements; and (ii) 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 of the Hotel Bonds; and (ii) 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 of the Prior Taxable Notes: and (ii) to pay the costs of issuing such Bonds. The proceeds from the sale of the General Obligation Notes shall be used (i) to pay a portion of the costs of the City's new courts complex: and (ii) to pay the costs of issuing such Notes. The issuance and sale of the Bonds and the Notes in one or more series from time to time in accordance with this Ordinance are authorized. 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby irrcHlCably plcdged for the payment of the principal of, premium, if any, and interest on the Bonds and the Notes 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 and the Notes as the same shall become due tor payment unless other funds are lawfully available and appropriated for the timely payment thereof. -3-