CCRes_90-09 - Laserfiche WebLink

Home Browse Search

• each Bond shall be conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds have been so ezecuted and authenticated, they shall be delivered by the City Clerk to the Purchaser upon payment of the purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. Section 4. Security Provisions. 4.01. ?990 Improvement Construction Fund. There is hereby created a special bookkeeping fund to be designated as the "1990 Improvement Construction Fund" (hereinafter referred to as the Construction Fund), to be held and administered by the City Clerk separate and apart from all other funds of the City. The City appropriates to the Construction Fund (a) the proceeds of the sale of the Bonds, and (b) all collections of special assessments levied for the Improvement until completion and payment of all costs of the Improvement. The Construction Fund shall be used solely to defray ezpenses of the Improvements, including but not limited to the transfer to the Bond Fund, created in Section 4.02 hereof, of amounts sufficient for the payment of interest and principal, if any, due upon the Bonds prior to the completion and payment of all costs of the Improvement and the payment of the ezpenses . incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Improvement, any balance of the proceeds of Bonds remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other improvements instituted pursuant to the Act, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund. 4.02. 1990 Improvement Bond Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the City Clerk shall maintain a separate and special bookkeeping fund designated "1990 Improvement Bond Fund" (hereinafter referred to as the Bond Fund) to be used for no purpose other than the payment of the principal of and interest on the Bonds and on such other improvement bonds of the City as have been or may be directed to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) the collections of special assessments and other funds to be credited and paid thereto in accordance with the provisions of Section 4.01, (b) any tazes levied in accordance with this resolution, and (c) all such other moneys as shall be received and appropriated to the Bond Fund from time to time. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, -13-