Ord62 1036 - Laserfiche WebLink

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- r.�n�sr��r��.�r ; , " i at said special municipal bond election shall vate in favor thereof. Said bonds sha.11 be negotiable in form and of the character Imown as serial, and shall bear interest at a rate not exceeding six (6) per cent �aer annum, payable semiannually (except that interest for the first year after the date of the bands may be made payable at or before the end of said year). Provision is hereby made For the payment of the principal of and lnterest on said bonds as follows: At the time of making the general tax levy after incurring the bonded indebtedness, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all payments of principal and interest on the bonds as they become due, the Council of the City of Redwood City shall levy and collect a tax sufficient to pay the intereat on the bonds and such part of the principal as w3.7.1 become due before the proceeds of a tax levied at the time for ma.king the next general tax levy will be available; provided, however, that if said bonds are authorize�. to be issued at said election, and 3t is expected that all or any part of said bonds will be sold at guch time that the principal of or interest on such bonds will become due before the proceeds of a tax levied after such sale would be available to. pay such priric3.pa1 or interest, the Council, at the time of fixing the annual tax levy, may �.evy a tax in an amount clearly sufficient to pay that portion of the prineipal of and interest on said bonds which it is expected will become due before the proceeds of the next succeeding tax levy will be available. If the earliest maturity of the bonds is more than one year after the date of issuance, the Council shall levy and collect annuall.y a tax sufficient to pay the interest as it falls due and to constitute a sink3.ng fund for , 6