1989-092 Council Resolution - Laserfiche WebLink

Home Search

3. The Certificates shall be prepared under the direction of the City Clerk and shall be executed on behalf of the City by the facsimile signature of the Mayor and the manual signature of the City Clerk. When the Certificates have been so executed and authenticated, they shall be delivered by the City Treasurer to the purchaser on receipt of the purchase price heretofore agreed upon, and the purchaser shall not be required to see to the application thereof. 4. There is hereby created a special account in the debt service fund which shall be used only for paying principal and interest on the Certificates of Indebtedness issued pursuant to this resolution. Into this fund shall be paid all receipts from the taxes levied in this resolution and any other money appropriated to the fund from any other source. If any prin- cipal or interest on the Certificates becomes due when there is not sufficient money in the fund to pay it, the City Treasurer shall make up the deficit from the general fund of the City and the general fund shall be reimbursed for such advances from the proceeds of the taxes levied in this resolution and all other moneys received for or appropriated to the payment of principal and interest. 5. There is hereby created the equipment account in the general fund. Into this account shall be paid the proceeds of the sale of the Certificates authorized by this resolution and from this account shall be paid all expenses incurred for the purchase of equipment to be financed by such proceeds. If -6-