CCRes_74-13 - Laserfiche WebLink

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7. The bends shall be executed on behalf of the • City by the signature of its Mayor and the signature of its Clerk and be sealed with the seal of the City; provided, that one of such signatures and the seal of the City may be printed facsimiles. The interes~ coupons pertaining there- to shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Clerk. 8. The said bonds when so prepared and executed shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price, .and the said purchaser shall not be obliged to see to the proper application thereof. g. There is hereby created. a special fund to be- designated "General Obligation ~3onds of 1974 Fund" to be held and ad ministered by the City Treasurer separate and apart from all other funds of the City. Said fund shall be maintained in the manner herein specified, until all of the bonds herein authorized and the interest thereon have been fully paid.- In said fund there shall be maintained two separate accounts,. to be designated as the "Construction Account" and the "Sinking Fund Account", respectively. The proceeds of the sale of the bonds herein authorized, less any premium and accrued interest received thereon and less any amount paid for said bonds in excess of $98,100.00, shall be credited to the Construction Account, from which there shall. • be paid all costs and expenses of said project, including the costs of construction contracts heretofore let and all other costs incurred and to be incurred and tYie moneys in said account shall be used for no other purpose, provided that the bond proceeds may also be used f.o the extent necessary to pay interest on said bonds due prior to the anticipated date of commencement cf the collection of to xes herein levied, There is hereby pledged and there shall be credited to the Sinking Fund Account, all accrued interest received upon delivery of said bonds, all funds paid for the bonds in excess of $98,100.00, collections of all taxes herein levied for the payment of said bonds, and all funds remaining in said Construction Account after co;npletion of the project and payment. of the costs thereof. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder and any other general obligation bonds of the Cit"y hereafter issued by the City and made payable from said account. •