HomeMy WebLinkAbout0164_00163ecatio„ The Comptroller shall not register said bonds except
as and whoa there shall be surrendered to hint an equal amount Of CITY OF ONORGETOW%
TIMAS STR'72T BONDS, hereby "funded# as hereinafter directed„
39119A„ ?, 33 IT RMTBER d MIMM BY TRI CITY OOUNaIL OA Tax
CITY OF GROR4:T0'X that there shall be and there is hereby created a spools! Ain&
In the City Treasury to be knovRt as the "Sinking Yana for City of Georgetown#
Street Refunding Bonds” for the purpose of paying the interest on said bonds and
the principal thereof as saeees becomes due, ebioh funds shall not be diverted nor
drawn upon for any other purpose# and the City Treasurer dull honor no draft upon
said fend except to pay interest upon or principal of said Refunding Bonde# or for
the investment of said sinking funds, as provided by law.
84ati5jn 13. That to create said Special Frond# to pay the
Interest on said re!landing bonds and the prinaipai thereof as same become due#
there is hereby levied for the current year and for saoh succeeding year there•
after while said Refunding Sords, or any of thw4 are outstanding a tax of and at
the rate of $0.80 or to mach thereof# or such greater rate as way be necessary,
on each One Hundred Dollars valuation of all taxable property in the City of
Georgetown# and said tax shall be assessed and collected for the, current years and
there shall be calculated each year thereafter while any of said bonds acre put+
standing and unpaid vhat rate of tax is necessary to provide current interest and
the required amount of principal for each year# and a tax at suah rate* within the
lawfully permitted rate* shall be assessed and oolleoted during each of said yearsq
and said tax is hereby ordered to be levied, assessed and collected and applied
to said propose, The interest due on said Refonding Bonds on the lot day Of
J&=ary# 1936 sria11 be paid out of the funds hereinafter aepproVriated and set aside
out of tie special fund oreated for the original bonds herein retantdOds
Saation 14. IT 13 FMTHE'R ORDLMM that a Ram sufficient to pay all
Interest dint July lst# 1936„ on said CITY OF GEt'i UTOWITs TAWS STRaT DOWN
together with $89000900 of the principal thereof# be and the same is hereby set aside
and held in the Special "City of Georgetown Street Bonds" fund for sdid purpose{
all remaining funds in said special sinking fend of the bonds hereby refunded are
hereby appropriated and set aside to the speoisl *Georgetown City Street Refunding
Bonds ftnd" created for this issue; and all taxes in process of collection for the
benefit of said spacial !tend for said original bonds are. likewise anperoprbated
to the special fund for this Refunding bond issue. The officers of said City are
hereby directed to take such steps as are necessary to transfer said funds to
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