CCRes_84-14 - Laserfiche WebLink

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• interest to become due on the Prior Bonds on December 1, 1984). Any surplus in the 1982 Debt Service Account in excess of such requirements is hereby pledged and shall be credited to the Debt Service Account hereinafter provided for; and, upon determination of such surplus all uncollected tax increments, special assessments and taxes, if any, payable to the 1982 Debt Service Account are hereby pledged and shall thereafter also be credited to the Debt Service Account established herein. 17. There is hereby created a special fund to be designated "General Obligation Tax Increment Bonds of 1984 Fund" (the "Fund") to be held and administered by the Treasurer separate and apart from all other funds of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and any general obligation tax increment bonds hereinafter issued and made payable from the Fund and the interest thereon have been fully paid. There shall be maintained in the Fund two separate accounts, to be designated the "Construction Account" and the "Debt Service Account", respectively. The proceeds of the sale of the Bonds, less (a) any accrued interest received thereon, (b) any amount paid for the Bonds in excess of $1,054,000, (c) capitalized interest in the amount of $ 105,093.75 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest due on the bonds on or before 3 / 1 / 1986 ) , and ( d) $~+~ ~q to be • credited to the 1982 Debt Service Account, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of the Project, including the cost of any construction contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose except as otherwise provided by law; provided that the Bond proceeds may also be used to the extent necessary to pay interest on the Bonds due prior to the anticipated date of commencement of the collection of tax increments. There is hereby pledged and there shall be credited to the Debt Service Account (a) all accrued interest received upon delivery of the Bonds; (b) all funds paid for the Bonds in excess of $1,054,000; (c) capitalized interest in the amount of $ 105.093.75 (subject to such adjustments as are appropriate to provide sufficient funds to pay interest. due on the Bonds on or before 3/ 1/ 1986 ) ; ( d ) tax increments derived froze the economic development district established pursuant to the Plan as a tax increment financing district (the "Tax Increment Financing District") in an amount sufficient, together with the other sums herein pledged to the payment of the Bonds (excluding (e) hereof), to pay 105$ of the principal and interest on the Bonds when due; (e) any collections of all taxes which may hereafter be levied in the event that the sums •