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• <br /> with respect to the same shall be paid by the bondholder request- <br /> ing the transfer, registration or discharge from registration as <br /> a condition precedent to the exercise of such privilege. All <br /> transfers, registrations and discharges from registration shall <br /> be made under such reasonable regulations as the Treasurer may <br /> prescribe. <br /> Section 7. <br /> For the purpose of paying the principal of and in- <br /> terest on the bonds, the Council at the time of making <br /> the general tax levy after incurring the bonded indebtedness, <br /> and annually thereafter until the bonds are paid or until <br /> there is a sum in the treasury set apart for that purpose <br /> sufficient to meet all payments of principal and interest <br /> on the bonds as they become due, levy and collect a tax on <br /> all taxable property (including real property and personal <br /> property) in the District subject to taxation by the City <br /> for District purposes sufficient to pay the interest on the <br /> bonds and such part of the principal as will become due be- <br /> fore the proceeds of a tax levied at the next general tax <br /> levy will be available. Such taxes shall be levied and <br /> collected as other City taxes and shall be in addition to <br /> all other taxes and shall be used only for payment of the <br /> bonds and interest thereon. Said taxes as collected shall be <br /> forthwith paid into the fund for which the same were levied <br /> and collected and which shall be designated "Redwood City <br /> General Improvement District No. 1 -65 1966 Drainage System <br /> Bond Principal and Interest Fund," and all sums to become due <br /> for the principal of and interest on said bonds shall be paid <br /> from such fund. There shall likewise be deposited in said <br /> fund any moneys received on account of any premium paid on <br /> -12- <br />