The Coconino sun., 1922-12-15
ADVERTISEMENT

1948 300 2,325 2,625 and said taxes when collected shall by the town treasurer be kept in separ- ate funds, the fund for the tax levy for principal to be designated Re demption Fund, Park Bonds, dated November l, 1922" and the taxes col. lected for interest to be designated as Interest Fund, Park Bonds, dated November 1, 1922" and said funds shall be irrevocably pledged to and used solely for the payment of the principal of said bonds and the in- terest thereon, as the same respective ly mature, and for greater certainty, . the town council of said town shall in each of the years A. D. 1923 to A. D. 1946, both years inclusive, include the bond tax herein provided for in the annual estimate for town purposes for said year and annually at the. lawful time the said bond tax shall in each of said years, be levied, certified, ex- tended upon the tax rolls and collect ed by the same officers, in the same Tanner and subject to the same pen- cities as the taxes for general town purposes for such years are certified, extended and collected, provided that nothing herein contained shall be SO construed as to prevent said Town from applying any other funds be- longing to it and available for that purpose to the payment of the principal of or interest on the bonds herein authorized.
 Section '. That on the 18th days of March and October, respectively, in each year, so long as any of said ponds or interest coupons thereto att tached remain outstanding and unpaid, the town treasurer of said town is authorized, ordered and directed to remit in the form of check or draft, payable in New York City, to the Mechanics & Metals National Bank, in the said city of New York, in a sum sufficient to pay the semi-annual interest accruing on the outstanding bonds on the 1st days of May and November, respectively in each year, together with an exchange or escrow charge made by said bank for paying said semi-annual interest, and on the 18th day of October in each of the years A. D. 1888 to A. D. l949, both years inclusive, the said town treas. urer is authorized, ordered and direct ed to remit to the said Mechanics & Metals Bank, sum sufficient to pay the principal amount of said bonds falling due or the 1st day of Novem- Der thereafter, together with all es- crow or exchange charges made by said bank in handling the transact ion.
 Section 8. That the provisions of this ordinance and each of the bonds and interest coupons issued pursuant hereto shall constitute and the same are hereby declared to be a binding and irrevocable contract between said town and the purchasers of said bonds and the holder from time to time of each of said bonds and inter est coupons thereto appertaining and this ordinance shall be irrepealable until the indebtedness hereby created both as to principal and interest shall have been fully paid, satisfied and discharged.
 Section 9. That all ordinances here
 Section 9. That all ordinances heretofore adopted in conflict with the provisions hereof which would, in any way, prevent the passage and adoption of this ordinance at this meeting, be, and the same are, hereby repealed.
 Section 10. That it being necessary for the immediate preservation of the pdblic peace, health and safety that t..e town have an adequate system of public parks at the earliest possible. moment and the immediate passage of this ordinance being necessary to accomplish this purpose, an emergen- cy is hereby declared to, exist and this ordinance shall be in full force
 
 and effect immediately upon its pas sage and approval.
 Passed by the Council, the 9th day of December, A. D., 1922.
 Approved by the Mayor, the 9th day of December, A. D. 1922.
 T. E. PULLIAM, (SeaD Mayor
 Attest:
 r n pITI HAM