Arcadia Municipal Code Div. 4 1946 Sewer Bonds Interest and Redemption Fund

For the purpose of paying the principal and interest of the Sewer Bonds, 1946, the Council shall, at the time of fixing the general tax levy, and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid, or until there shall be a sum in the City treasury set apart for that purpose sufficient to meet all sums coming due for the principal and interest on said bonds, a tax sufficient to pay the annual interest on said bonds as the same becomes due, and also such part of the principal thereof as shall become due before the proceeds of a tax levied at the time for making the next general tax levy can be made available for the payment of such principal. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be collected at the time and in the same manner as other municipal taxes are collected, and shall forthwith be turned over and paid into a fund of the City to be known as "1946 Sewer Bonds Interest and Redemption Fund." Said fund shall be used for no other purpose than the payment of said bonds and accruing interest thereon.