Ord60 961 - Laserfiche WebLink

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_. _ . .�, _ � mea�ures which received such affirmative two-thirds vote. Said bonds sha,ll be ne�otiable in form and of the cha.racter known as serial, and shall bear interest at a rate not ex- ceeding six (6) per cent per annum, �ayable semi-annua.11y (except that interest for the first year after the date of the bonds ma.y be ma.de pa.yable at or before the end of said year) . Provision is hereby made for the payment of the prin- cipal of and interest on said bonds as follows : At the time of makirig the general ta.x levy after incurring the bonded in- debtedness, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apa.rt for tha.t . purpose sufficient to meet all paymenta of principal and in- terest on the bonds as they become due, the Council of the City of Redwood City sha.11 levy and collect a tax suff�.cient to pay the interest on the bonds and such paxt of the princi- pal as will become due before the proceeds of a tax levied at the t�.me for making the next general tax levy will be available; provided, however, tha.t if said borids are authorized to b� issued at said election, and it is expected tha.t all or any ` part of said bonds will be sold at such time tha.t the principal of or interest on such bonds will become due before the proceeds of a tax ].evied after such sale would be available to pay such principal or interest, the Council, at the time of fixin� the annua.l tax levy, may levy a tax in an amount clearly sufficient to pay tha,t portion of the principal of and interest on said bonds which it is expected will b�come due before the proceed� of the next succeeding tax levy will be availa'ple . If the eaxliest maturity of the bonds is more than one year af�er the date of issuance, the Council sha11 levy and collect annually a tax sufficient to pay the interest as it falls due and to 13