Ordinances-1975-68

opinion of counsel of recognized competence in such matters, result in making the interest on said bonds subject to federal income taxation. Section 6. That as required by Chapter 76 of the Code of Iowa and for the purpose of providing for the levy and collection of a direct annual tax sufficient to pay the interest on said bonds as it falls due, and also to pay and discharge the principal thereof at maturity, there be and there is hereby ordered levied on all the taxable property within said Town a direct annual tax for each of the years while said bonds or any of them are outstanding, in amounts sufficient for that purpose, and that there be and there is hereby levied upon all the taxable property in said Town the following direct annual tax, to-wit: In the year 1975 for collection in the fiscal year ending June 30, 1976, a tax sufficient to produce the sum of $5697 for principal and interest; In the year 1976 for collection in the fiscal year ending June 30, 1977, a tax sufficient to produce the sum of $4618 for principal and interest; In the year 1977 for collection in the fiscal year ending June 30, 1978, a tax sufficient to produce the sum of $4438 for principal and interest; In the year 1978 for collection in the fiscal year ending June 30, 1979, a tax sufficient to produce the sum of $4258 for principal and interest; In the year 1979 for collection in the fiscal year ending June 30, 1980, a tax sufficient to produce the sum of $4078 for principal and interest; In the year 1980 for collection in the fiscal year ending June 30, 1981, a tax sufficient to produce the sum of $3898 for principal and interest; In the year 1981 for collection in the fiscal year ending June 30, 1982, a tax sufficient to produce the sum of $3736 for principal and interest; In the year 1982 for collection in the fiscal year ending June 30, 1983, a tax sufficient to produce the sum of $3571 for principal and interest; In the year 1983 for collection in the fiscal year ending June 30, 1984, a tax sufficient to produce the sum of $3403 for principal and interest; In the year 1984 for collection in the fiscal year ending June 30, 1985, a tax sufficient to produce the sum of $4232 for principal and interest.