Res55 1894 - Laserfiche WebLink

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r 30. Method of Levy. Said special assessment levy shall be levied and collected upon the tax roll upon which general City taxes are collected. It shall be in addition to all other taxes levied for general City purposes, and shall be levied, computed, entered, collected and enforced in the same manner and by the same persons and at the same time, and with the same penalties and interest, as are other taxes for City purposes, and all laws applicable to the levy, collection and enforcement of taxes for City purposes are hereby made applicable to said special levy, and upon default the delinquent property shall be sold and be subject to redemption in the same manner as such real property is sold or redeemed from the sale for general City taxes, and if not redeemed shall in like manner pass to the purchaser. The moneys collected from the special assessment levy shall also be deposited in said redemption fund. 31. Covenants. For the protection and security of the bonds issued hereunder, the City covenant`s and agrees to and with the holders of the bonds from time to time, as follows: (a) Acquire System. To commence the acquisition, construction and improvement of the Project and to continue the same to completion with all practical dis- patch. and to acquire, construct and complete it in a sound and economical manner. (b) Operate System. To operate the Project in an efficient and economical manner and to prescribe, re- vise and collect such fees, tolls, rates and other charges in connection therewith, that the services and facilities thereof may be furnished to the inhabitants of the City and other users at the lowest possible cost consistent with sound economy and prudent management. (c) Good Repair. To operate, maintain, preserve, and keep, or cause to be operated,maintained, preserved and kept, the Project and every part and parcel thereof, in good repair, working order and condition. (d) Preserve Security. To preserve and protect the security of the bonds and the rights of the holders thereof, and to warrant and defend such rights against all claims and demands of all persons whomsoever. (e) Collect Revenues. To collect and hold in trust the revenues or other funds pledged to the pay- ment of the bonds for the benefit of the holders of the bonds and to apply such revenues or other funds only as provided by this resolution, or, if this reso- lution shall hereafter be modified in the manner provided herein, only as provided in this resolution as modified. a'�