84-095 - Laserfiche WebLink

Home Browse Search

,. . . the Bonds: and when the total cost of any of the Improve~ ments has been paid, all subsequent collections of special assessments levied for that Improvement shall be credited to and paid into the Debt Service Fund hereinafter created. Within the Construction Fund, a separate account for each of the Improvements shall be maintained to record the expendi- tures for that Improvement. When the total cost of all of the Improvements has been paid, the Construction Fund shall be closed, all special assessments then remaining in the Construction Fund shall be transferred to the Debt Service Fund, and any other funds then remaining in the Construction Fund shall be devoted to such purposes as are permitted or required by law. 8. The Bonds shall be payable from the General Obliga- tion Improvement Bonds of 1984 Debt Service Fund (the "Debt Service Fund") hereby created, and the proceeds of the gen- eral taxes hereinafter levied, together with special assess- ments levied or to be levied for the Improvements financed by the Bonds, are hereby irrevocably pledged to the Debt Service Fund for payment of the Bonds, in accordance with this Resolution. Any interest which accrues on the Bonds from the date thereof to the date of their actual delivery shall be credited directly to the Debt Service Fund. If any payment of principal of or interest on the Bonds shall be- come due when the funds in the Debt Service Fund and the special assessments then held in the Construction Fund are insufficient to pay the same, the City Clerk-Treasurer shall pay such pr incipal or interest from the general fund or other available fund of the City, and such fund or funds may be reimbursed for such advances out of proceeds of assess- ments levied for the Improvements or from such ad valorem taxes, when collected. 9. It is hereby determined that for each of the Improvements the City will levy special assessments in the principal amount of at least 20% of the cost thereof, and the levy of such special assessments is hereby authorized. To pay the Ci ty I s share of the cost of the Improvements, there is hereby levied a direct, annual, irrepealable ad valorem tax levy against all taxable properties in the City, which tax levy shall be in the years and amounts as follows (year stated being year of levy for collection the following year): YEAR LEVY YEAR LEVY 1983 1984 1985 1986 1987 1988 $44,467.50 $99,553.55 $90,521.60 $87,757.79 $84,469.98 $80,972.17 1989 1990 1991 1992 1993 $77,263.36 $73,240.55 $69,007.73 $64,563.92 $59,963.61 - 10 -