§ 27. Pledge of Notes.

Latest version.

Said City Commission shall provide in such ordinances, and such notes shall recite, that the loan evidenced by such notes is and shall remain the first charge and lien upon all of such delinquent taxes therein specified and that the total collections thereof shall be applied solely to payment of the several installments of principal and interest thereof until both principal and interest of such loans shall be fully paid. All collections of such delinquent taxes shall be placed by the City of Orlando in a special, separate fund to be designated "Tax Secured Note Fund 19___ (state year)" and shall be disbursed and applied, solely for payment of the interest and redemption of the principal of such notes until the whole amount thereof shall be fully paid, and after such full payment any surplus of such collections shall be subject to appropriation by said City Commission.

(Laws of Fla. ch. 14267(1929), § 3)

                    
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