Ord 225-38isa ................
VZO~}: for'
1926, o:00
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on a cez, til'i-'~+~u~,,~, of ~:.u~ City..~'~'ierk to -3he off eat ~"~'-,,~,.=,, the amo~u~
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z:'~'-,ata,.tiai!y c.c follows:
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o::.e Seaboard National ]}a~ of
New York,
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t[ational B~k of 11o:7 ",~--"'- ~'~-:;-. - ..
Seaboard
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authorized issue of Twenty-five Thousand Seven Hundred Sixty-five
and 43/100 ($25,765.43)Dollars, Improvement Bonds, issue of
August 1st, 1926, and that no bonds have been issued or authorized
to be issued against said liens, other than the bonds herein men-
tioned.
IN WITleSS ~ItE~OF, I have here'omto offici~lly set
hand and the seal of said City this day of ....
A. D.
Section 4. That the proceeds arising from the collec-
tion of said liens against which said bonds are issued, shall be
deposited in the City's depositox-y bank in a special fund and
the proceeds of said fund shall be used and applied exclusively
to the payment of the principal and interest of the bonds herein
authorized to be issued.
Section 5. That the City Treasurer shall be liable
upon his official bond for the proper handling and accounting of
the funds derived from the sale of these bonds and the above men-
~ioned lien fund, and the City Council may, from time to time,
require said City Treasurer to fumish an addi£ional bond for the
proper handling and accounting of said fund.
Section 6. The City Coumcil shall levy annually a tax
on all the taxable property in said City for the purpose of paying
the principal and interest on said bonds as the same become due,
provided, however, Sha$ such assessment on all the taxable proper-
ty of the City shall be reduced by such amount as shall be derived
from the levy and collection of the assessments theretofore made
against the property specially benefited by the improvements.
Section ?. That all ordinances or parts of ordinances
in conflict with this ordinance are hereby repealed.
Section 8. This ordinance shall become effective