O-1962-656 - Laserfiche WebLink

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e e _. _ account of said time warrants which are being refunded hereby shall, as collected~ be deposited into said Fund, and all taxes levied, assessed, and collected for and on account of said refunding bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while the refunding bonds authorized by this ordi- nance, or any part of the principal thereof or interest thereon, remain outstanding and unpaid, there is hereby levied, and there shall be assessed and collected, in due time, form, and manner, and at the same time other City taxes are levied, assessed, and col- ~ lected, in each year} beginning with the current year 1962, a con- tinuing direct annual ad valorem tax upon all taxable property within said City sufficient to pay the current interest on said bonds as it accrues and to pay each installment of the principal of said bonds as it matures, full allowance being made for delin- quencies and costs of collection, and said taxes when collected shall be applied to the payment of the principal of and interest on said bonds, and to no other purpose. Section 9: SUBROGATION: That except as provided herein, the holder or holders of the refunding bonds authorized by this ordinance are, and shall - be, subrogated to all the rights and privileges had and possessed by the holder or holders of the bonds which are being refunded by the issuance of this series of refunding bonds. Section 10: APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it shall be the duty of the Mayor to submit the record of said bonds, and the bonds, to the Attorney General of the State of Texas for examination and approval, and thereafter to have them registered -10-