The commercial. (Union City, Tenn.) 190?-193?, 1921-06-24

principal and interest of said Bonds,
or any part thereof, as herein pro-
vided, the said town of Union City,
Tennessee, shall, nevertheless, pro-
coed with he levy and collection of
assessments for said improvements
and such assessments, or part there
of, sufficient for the purpose shall
be paid into the treasury of said mu-
nicipal corporation to reimburse the
treasury for the amount thus paid
out of such ad valorem taxes; and
such money thus reimbursed to the
treasury shall be used, under the di-
rection of the Board of Mayor and
Aldermen of Union City, Tennessee,
for any lawful corporate purpose for
which ad valorem taxes may be legal
ly levied and collected.
Section 5. Be it further ordained
that the proceeds arising from the
collection of assessments levied for
improvements authorized by said or
dinances above mentioned and re-
ferred to shall be and constitute a
separate and distinct fund; and such
fund, together with its accumula
tions, is hereby pledged for the pay
ment of said Bonds and Interest
Coupons issued for the improvement
or improvements directed and pro-
posed by said ordinances, and shall
be applied exclusively to the payment
of said Bonds and Coupons. All
proceeds arising from the collection
of assessments levied for such i'm
provements shall, as soon as col
lected, be deposited by the City
Treasurer, in the Third National
Bank of Union City, Tennessee; and
such collections shall not be depos-
tied with the general funds of the
city, but shall be considered sep
arate deposit to the account of Pub
lie Improvement" and shall be
drawn out on checks or orders direct
ing the amount designated therein
to be paid out of the public I'm
funds.
Section 6. The Bonds authorized
by this ordinance shall be sold at
either public or private sale, the
authorizing the adver-
tisement or sale or award of said
bonds to be such as may be adopted
by the Board of Mayor and Aldermen
of the town of Union City as provided
by said Chapter Is of the first extra
session of the General Assembly for
the year 1913.
Section z. Be it further ordained |
that any failure to comply with any |
Of the provisions, or any failure in |
the existence or performance of any |
If the conditions precedent to the is
,uance of the bonds provided for in |
his ordinance, as required by Chap |
Ter IS of the first extra session of
he General Assembly for the year
1913, of the State of Tennessee, shall |
1ot affect the validity of such
,onds,or of the assessments levied for
he improvements above mentioned
lnder ordinances /, and 3, but said
ponds shall be in all respects valid
ind binding.
Section 8. Be it further ordained
hat when the amount of the fund
lrising from the collection of assess
nentS levied for said improvements
hall, with its accumulations, equal
he amount of the outstanding bonds
md accrued interest entitled to pay
nent out of such fund, the City
Treasurer shall have authority to re-
leem any and all bonds that may be
PRESENTED to him for redemption.
Section 8. Be it further ordained
hat this ordinance take effect from
nd after it's passage, the public well
are requiring it.
Passed and approved this the 21st
ay of June, 1921.
F. l.. PITTMAN,
Mayor.
F. E. QUINN,
Recorder,