Proceeds of the tax levied September 1, 1981, and enacted as Ordinance No. 1099, have
been deposited in the sinking funds of the city and its duly constituted authority,
in compliance with the stated purpose of such tax. Funds sufficient to retire the
indebtedness approved by the electors of the city on August 4, 1981, shall be applied
to such outstanding indebtedness at the first opportunity and in accordance with terms
of each affected bond indenture. Revenue bonds (series 1981 and 1982), having a maturity
date of November 1, 1987, shall be recalled and paid on November 1, 1986, such payment
to include principal, interest and premium due for early redemption. General obligation
bonds (series 1981) shall be paid on the maturity date of November 1, 1989.
(Ord. No. 86-19, § 3, 8-19-86)
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