Laserfiche WebLink
• herein pledged to the Debt Service Account are insufficient for <br />the payment of the principal and interest on the Bonds, (f) all <br />funds remaining in the Construction Account after completion of <br />the Project and payment of the costs thereof, (g) all funds <br />remaining in or payable to the 1982 Debt Service Account <br />(including special assessments) after provision for payment of <br />all principal and interest due on the Prior Bonds and (h) all <br />investment earnings on funds held in the Debt Service Account. <br />The Debt Service Account herein created shall be used solely to <br />pay the principal and interest and any premiums for redemption <br />of the Bonds issued hereunder and any other general obligation <br />tax increment bonds of the City hereafter issued by the City <br />and made payable from said account as provided by law. Any <br />sums from time to time held in the Debt Service Account (or any <br />other City account which will be used to pay principal or <br />interest to become due on the Bonds) in excess of amounts which <br />under the applicable federal arbitrage regulations may be <br />invested without regard as to yield shall not be invested at a <br />yield in excess of the applicable yield restrictions imposed by <br />said arbitrage regulations on such investments after taking <br />into account any applicable "temporary periods" made available <br />under the federal arbitrage regulations. <br />18. The City has heretofore levied special <br />• assessments pursuant to resolution which assessments were <br />pledged to the payment of the principal and interest on the <br />Prior Bonds and are now pledged to the payment of principal and <br />interest on the Bonds herein authorized. Said assessments were <br />levied •in the years 1982 to 1991 The balance of said special <br />assessments levied in 183 and collectible in 1984 and all <br />assessments collectible thereafter including any delinquent <br />assessments shall be payable in equal, consecutive, annual <br />installments, with general taxes for the years shown below and <br />with interest on the declining balance of all such asssessments <br />at the rate shown opposite such years. <br />Improvement <br />Designation Amount Rate Levy Years <br />Gortner/Larpenteur/Prior 155,730 10% 1982-1991 <br />• <br />