Ord85 1914 - Laserfiche WebLink

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principal of and interest on the Notes shall be payable, only upon surrender thereof, in lawful money of the United States of America, at the office of the City Treasurer, or such other place as the City Treasurer shall designate. Secti on 3. Form of Notes. The Notes shall be issued in denominations of $5,000, or mu It i p 1 e s thereof as designated by the original purchaser, without coupons and shall be substantially in the form and substance set forth in Exhibit A attached hereto and by reference incorporated herein, the blanks in said form to be filled in with appropriate words and figures. Secti on 4. Use of Proceeds. The moneys so borrowed shall be deposited in the General Fund of the Ci ty and used and expended by the Ci ty for any purpose for whi ch it is authori zed to expend funds from the General Fund of the City. Secti on 5. Security. The principal amount of the Notes, together with the interest thereon, shall be payab 1 e from taxe s , revenue and other moneys which are received by the City for the General Fund of the City for the Fiscal Year 1985-1986. As security for the payment of the principal of and interest on the Note s , the City hereby pledges (a) the first $2,600,000 of lIunrestricted moneys II , as hereinafter defl ned, to be received in December, 1985, and (b) the first $2,000,000, together with any additional amount required to pay any remaining interest on the Notes, if any, of unrestricted moneys to be received in April, 1986 (such pledged amounts being hereinafter ca 11 ed the IIPledged Revenuesll). The principal of the Notes and the interest thereon shall constitute a first lien and charge thereon and shall be payable from the Pledged Revenues. To the extent not so paid from the Pledged Revenues, the Notes shall be paid from any other moneys of the City lawfully available therefor. In the event that there are insufficient unrestricted moneys received by the City to permit the deposit into the Repayment Fund, as hereinafter defined, of the full amount of the Pledged Revenues to be deposited in any month by the last business day of such month, then the amount of any deficiency shall be satisfied and made up from any other moneys of the City 1 awfully avail abl e for the repayment of the Notes and interest thereon. The term "unrestricted moneys II shall mean taxes, income, revenue, cash recei pts, and other moneys intended as recei pts for the General Fund of the City and which are generally available for the payment of current expenses and other obligations of the City. Section 6. Paying Agent. The City Treasurer is hereby appointed to act as the Paying Agent of the City for the purpose of paying to the Noteholders upon presentation thereof both the principal of and interest on the Notes on maturi ty and to perform such other duti es and powers of the Payi ng Agent as are prescribed in this Ordinance. Section 7. Repayment Fund. The Pl edged Revenues shall be held by the City Treasurer in a special fund designated 111985 Tax and Revenue Anticipation Note Repayment Fund" (the IIRepayment Fund") and applied as directed in this Ordinance. Any money placed in the Repayment Fund shall be for the benefit of the Notes, and unti 1 the Notes and all interest thereon are pa i d or untl1 provision has been made for the payment of the Notes at maturity with interest to maturity, the moneys in the Repayment Fund shall be applied solely for the purposes for which the Repayment Fund is created. -2- .., ". '_~^_'~"U' __H"_