Minutes 10/01/1985 - Laserfiche WebLink

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124 October 1~ 1985 3. The full faith and credit of the City ~hall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year while the Bonds, or any of them, are outstanding and unDald, there shall be assessed, levied and collected~ at the same time and in the same manner as other taxes in the City are assessed, levied and collected, upon all property within the City subject to taxation by the City, a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due. 4. The proceeds of the sale of the Bonds shall be applied to the payment of the costs of the following public improvement projects in substantially the following respecti~ ~mou~ts: Rehabilitation Loan Program $ 1,495,000 Community Services 1,511,758 Education 6,775,057 Parks and Recreation 597,083 Public Safety 388,412 Urban Transportation 4,298,450 Drainage, Curbs, Gutters and Street Improvements 1,430,000 Urban Renewal and Priority Action Program 3,554,240 Industrial and Economic Development 100,000 Total S 20,150,000 provided that if any such project shall require less than the entire amount set forth above opposite such project, the difference may be applied to any other such project. 5. The City shall make no use of the proceeds of the sale of the Bonds which would cause the Bonds to be "industrial development bonds" or "arbitrage bonds" under Section 103 of the U.S. Internal Revenue Code of 1954, as amended, and the City shall comply with the applicable regulations of the Internal Revenue Service adopted under such Section 103 so long as any Bond is outstanding. 6. The Bonds shall be sold in con3unction with the sale of the $9,850,000 Public Utility Bonds of the City authorized by this Council at the meeting at which this resolution is adopted. The notice of sale of the Bonds referred to in paragraph 10 and the legal notice referred to in paragraph 11 shall each contain provisions suitably recognizing and providing wit~ respect to the foregoing. 7. The Bonds shall be executed, for and on behalf of the City, by the facsimile signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corporate seal of the City shall be imprinted on the Bonds and attested by the facsimile signature of the City Clerk of the City. The Director of Finance shall direct the Registrar for the Bonds to authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on each Bond shall have been manually executed by an authorized signator of the Registrar. Upon the authentication of any Bonds the Registrar shall insert in the certificate of authentication the date as of which such Bonds are authenticated as follows: (i) if the Bond is authenticated prior to the first interests_ p~yment date, the certificate shall be dated as of the date of the Bonds are delivered to and paid for by the initial purchasers thereof; (ii) if the Bond is authenticated upon an interest payment .date, the certificate shall be dated as of such interest payment date; (iii) if the Bond is authenticated after the fifteenth (15th) day of the calendar month next preceding an interest payment date and prior to such interest payment date, the certificate shall be dated as of such interest payment date; and (iv) in all other instances the certificate shall be dated as of the interest ~ayment~a~eh~xt pr-~ceding the dat~ upon ~hich