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218 Issuance of $900,000 in Revenue Certificates
Zephyrhills
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1971-1979
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218 Issuance of $900,000 in Revenue Certificates
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25IMP <br /> and upon such terms as may be determined by the City Council to <br /> be for the best interest of the City, and as may be evidenced by <br /> supplemental resolution, or resolutions, in the interest of the <br /> City, hereafter adopted by said City Council. <br /> SECTION 6 : The proceeds to be received through the ne- <br /> gotiation and sale of said Revenue Certificates shall be applied <br /> to, and for the purpose of, paying for the construction of the <br /> extension of the sewage treatment plant and sewage disposal system <br /> of said City, heretofore described. <br /> SECTION 7: There shall be and there is, hereby, created <br /> a special fund, to be known as " 1974 Sewage System Sinking Fund " <br /> r (hereinafter called the " sinking fund "), into which there shall <br /> 11 be set apart and paid from and after the date of the issuance <br /> of any of said Revenue Certificates each month, from the proceeds <br /> of the revenues herein pledged, amounts sufficient for the pay- <br /> ment when due of the interest on, and the principal of said Rev- <br /> enue Certificates, when samemature, and also creating and there- <br /> after maintaining a reserve therefor. <br /> The City of Zephyrhills, hereby, reserves the right to <br /> issue additional Revenue Certificates and to pledge proceeds:.' of <br /> said occupational license fees, sanitation collection fees and <br /> sewer system revenue to secure same, and said certificates shall <br /> be on parity with the certificates authorized by this Ordinance, <br /> provided, however, that said revenues at that time are sufficient <br /> to warrant the imposition of an additional pledge, and further <br /> provided, that the sinking fund and reserve herein authorized is <br /> maintained so that the proportionate amount paid into said sinking <br /> fund to secure the Revenue Certificates heroin authorized, is not <br /> reduced. <br /> Whenever additional parity Revenue Certificates are issued, <br /> provision shall be made for increasing the amounts to be set a- <br /> side and paid into the sinking fund by amount equal to the average <br /> annual interest and principal payments therefor becoming due by <br /> reason of such additional Revenue Certificates. <br /> All monies set apart and paid into said sinking fund shall <br /> be used solely and only, and is, hereby, pledged for the purpose <br /> of paying the Revenue Certificates and interest thereon, hereby, <br /> -6- <br />
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