Ordinances-1975-68

A certified copy of this ordinance shall be filed with the County Auditor of Johnson County and said Auditor shall be and he is hereby instructed in and for each of the years 1975 to 1984, inclusive, to enter for collection and assess the tax hereby authorized. When annually entering said taxes for collection, the County Auditor shall include the same as a part of the tax levy for debt service fund purposes of said Town, and when collected, the proceeds of said taxes shall be converted into the debt service fund of said Town and set aside therein as a special account to be used solely and only for the payment of principal and interest of the bonds hereby authorized and for no other purposes whatsoever. That the principal or interest coming due at any time when there are insufficient funds on hand to pay the same be promptly paid when due from current funds on hand, and reimbursement be made to such current funds in the sums thus advanced when the taxes herein provided shall have been collected. That if in any year funds shall be realized from sources other than the tax above provided which funds shall be properly applicable to the payment of the principal of and interest on these bonds, such tax for the succeeding year shall be abated and not extended for collection to the extent of the funds so available and actually set aside and pledged for that purpose. It is hereby declared to be the purpose and intent of said Town to issue the bonds hereby authorized as general municipal obligations pledging the full faith and credit of said Town for their payment by means of taxation, but at the same time permitting the pledging and use of funds available from any other source which may be properly applied to the payment of said principal and interest. Section 7. That this ordinance become effective immediately upon its passage, approval and posting and that all ordinances