Laserfiche WebLink
authorized to be issued and sold for the objects and pur- <br />poses specified in said measure or measures which received <br />such affirmative two-thirds vote. <br /> <br /> Said bonds shall be negotiable in form and of <br /> <br />the character known as serial, and shall bear interest at <br />a rate not to exceed six (6) per cent per annum, payable <br />semiannually (except that interest for the first year after <br />the date of said bonds may be made payable at or before the <br />end of said year). Provision is hereby made for the payment <br />of the principal of and interest on said bonds as follows: <br />At the time of making the general tax levy after incurring <br />the bonded indebtedness, and annually thereafter until the <br />bonds are paid or until there is a sum in the treasury set <br />apart for that purpose sufficient to meet all payments of <br />principal and interest on the bonds as they become due, the <br />Council shall levy and collect a tax sufficient to pay the <br />interest on the bonds and such part of the principal as will <br />become due before the proceeds of a tax levied at the next <br />general tax levy will be available; provided, however, that <br />if said bonds are authorized to be issued at said election, <br />and it is expected that all or any part of said bonds will <br />be sold at such time that the principal of or interest on <br />such bonds will become due before the proceeds of a tax <br />levied after such sale would be available to pay such prin- <br />cipal or interest, the Council, at the time of fixing the <br /> <br /> lO <br /> <br /> <br />