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1989-029 Council Resolution
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1989-029 Council Resolution
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1/22/2016 11:24:41 AM
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1/22/2016 11:08:57 AM
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City Council
Council Document Type
Resolutions
Meeting Date
04/24/1989
Council Meeting Type
Regular
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Treasurer to the purchaser on receipt of the purchase price <br />heretofore agreed upon, and the purchaser shall not be required <br />to see to the application thereof. <br />4. There is hereby created a special account in the <br />debt service fund which shall be used only for paying principal <br />and interest on the Certificates of Indebtedness issued pursuant <br />to this resolution. Into this fund shall be paid all receipts <br />from the taxes levied in this resolution and any other money <br />appropriated to the fund from any other source. If any prin- <br />cipal or interest on the Certificates becomes due when there is <br />not sufficient money in the fund to pay it, the City Treasurer <br />shall make up the deficit from the general fund of the City and <br />the general fund shall be reimbursed for such advances from the <br />proceeds of the taxes levied in this resolution and all other <br />moneys received for or appropriated to the payment of principal <br />and interest. <br />5. There is hereby created the equipment account in <br />the general fund. Into this account shall be paid the proceeds <br />of the sale of the Certificates authorized by this resolution <br />and from this account shall be paid all expenses incurred for <br />the purchase of equipment to be financed by such proceeds. If <br />any moneys remain in this account after all such expenses have <br />been paid, the surplus shall be transferred to the debt service <br />fund created in paragraph 4 of this resolution. <br />6. For the prompt and full payment of the principal <br />and interest on the Certificates of Indebtedness when due, the <br />-6- <br />
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