1962-01-19 Regular Meeting - Laserfiche WebLink

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• Section 7: That said warrants shall be executed and deliv- ered, as herein above provided, in payment of claims covered by the warrant purpose, when, and only when, such claims have been approved ty this City Commission and only upon further order or orders of this City Commission. Said warrants may be issued in installments, and if claims in payment of which such warrants are authorized to be issued are not in such sums as will permit the delivery of warrants to cover the entire and exact amount of such claims, the balance remaining after the delivery of such warrants as will leave a claim or claims unpaid for less than $1,000 may be carried forward until other claims • F sufficient to bring the total to at least $1,000 have been law~ully incurred, whereupon an additional warrant or warrants may be deliv- ered as the facts and circumstances require. Section 8: That while said warrants or any part of the principal thereof or interest thereon remain outstanding and unpaid, there is hereby levied and there shall annually be assessed and col- lected in due time, form and manner, and at the same time other City taxes are levied, assessed and collected, in each year, beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property in said City sufficient to pay the current in- terest on said warrants and to create and provide a sinking fund of • not leas than 2~6 of the principal amount of said warrants then out- standing or of not less than the amount required to pay the principal payable out of said tax, whichever is greater, full allowance being made for delinquencies and costs of collection, and said taxes when collected shall be applied to the payment of the principal of and interest on said warrants, and to no other purpose. Section 9: That the Mayor and the City Clerk are author- ized and directed to execute and countersign each of said warrants -7-