Arcadia Municipal Code Div. 5 Arcadia Water Bonds, 1927, Interest and Sinking Fund

For the purpose of securing and providing for the payment of the principal and interest of Arcadia Water Bonds, 1927, there is hereby created a fund to be known and designated as the "Arcadia Water Bonds, 1927, Interest and Sinking Fund." All the money, which from time to time, shall be placed in said fund shall be and is hereby set apart exclusively for the purpose of meeting all sums coming due for principal and interest on all of the aforesaid Arcadia Water Bonds, 1927. For the purpose of paying the principal and interest of said bonds, 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 principal and interest on such bonds, a tax sufficient to pay the interest on such bonds as same become due and to constitute a sinking fund for the payment of the principal thereof on or before maturity. Said tax herein required to be levied and collected 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 be used for no other purpose than the payment of said bonds and accruing interest.