Res65 4810 - Laserfiche WebLink

Browse Search

Section 7. For the purpose of paying the principal of and interest on the bonds, the Council shall, 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 pur- pose sufficient to meet all payments of principal and interest on the bonds as they become due, levy and collect a tax on all taxable property (including real property and personal property) in the District subject to taxation by the City for District purposes sufficient to pay the interest on the bonds and such part of the principal as will become due before the proceeds of a tax levied at the next general tax levy will be available. Such taxes shall be levied and collected as other City taxes and shall be in addition to all other taxes and shall be used only for payment of the bonds and interest thereon. Said taxes as collected shall be forthwith paid into the fund for which the same were levied and collected and which shall be desig- nated "Redwood City General Improvement District No. 2 -65 1966 Water Bond Principal and Interest Fund" and all sums to become due for the principal of and interest on said bonds shall be paid from such fund. There shall likewise be deposited in said fund any moneys received on account of any premium paid on the bonds and interest accrued on the bonds from their date to the date of delivery and actual payment of the purchase price thereof. When all of the principal of and interest on all of the bonds have been paid, any balance of money then remaining in said fund shall be transferred to the general fund of the District. Section 8. There is hereby created and established a fund to be known as the "Redwood City General Improvement District No. 2 -65 1966 Water System Fund," which shall be kept 12