2012-105 Council Resolution - Laserfiche WebLink

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• Section 4. Payment: Security: Funds; Pledges and Covenants. 4.01 Funds and Accounts. The Bonds are payable from the General Obligation Bonds, Series 2012A Debt Service Fund (the "Debt Service Fund ") hereby created. The City will maintain an Interchange Improvements Account (the "Interchange Improvements Account ") and a Refunding Account (the "Refunding Account ") in the Debt Service Fund. The special assessments ( "Assessments ") levied for the improvements financed by a portion of the Refunded Bonds, together with ad valorem taxes levied hereunder, are hereby pledged to the respective accounts of Debt Service Fund as further described in this Section. Amounts in the Interchange Improvements Account are irrevocably pledged to the Interchange Improvements portion of the Bonds, and amounts in the Refunding Account are irrevocably pledged to the Refunding Bonds portion of the Bonds. 4.02. Debt Service Fund. (a) The Bonds will be payable from the General Obligation Bonds, Series 2012A Debt Service Fund (the "Debt Service Fund ") hereby created. The Assessments (as defined in Section 4.01) are hereby pledged to the Refunding Account of the Debt Service Fund, and the ad valorem taxes levied under Section 4.05 hereof (the "Taxes ") are hereby pledged to the Interchange Improvements Account of the Debt Service Fund. If a payment of principal or interest on the respective portions of the Bonds becomes due when there is not sufficient money in the respective subaccounts of the Debt Service Fund to pay the same, the City Finance Director will pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for those advances out of the proceeds of Assessments or Taxes (as the case may be) when collected. (b) There is appropriated to the Interchange Improvements Account of the Debt Service Fund (i) 0 percent of the amount over the minimum purchase price of the Bonds paid by the Purchaser, to the extent designated for deposit in such subaccount in accordance with Section 1.02; (ii) $553.75 of the accrued • interest paid by the Purchaser upon closing and delivery of the Bonds; and (iii) $19,565.83 in capitalized interest through February 1, 2014. • (c) There is appropriated to the Refunding Account of the Debt Service Fund (i) 0 percent of the amount over the minimum purchase price of the Bonds paid by the Purchaser, to the extent designated for deposit in such subaccount in accordance with Section 1.02; and (ii) $91.33 of the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. In addition, the debt service fund heretofore established for the Refunded Bonds under the resolution providing for the issuance and sale of the Refunded Bonds (the "Refunded Bonds Resolution ") shall be terminated following the redemption of the Refunded Bonds, and any remaining funds therein are credited to the Refunding Account of the Debt Service Fund herein created. 4.03. Construction Fund. The proceeds of the Interchange Portion of the Bonds, less the appropriations made in Section 4.02 and a pro rata share of costs of issuance paid, together with any other funds appropriated for the Interchange Improvements, will be deposited in a separate fund of the City (the "Construction Fund "). Amounts in the Construction Fund will be disbursed solely to pay costs of the Interchange Improvements and costs of issuance of the Bonds. Any balance remaining in the Construction Fund after completion of the Interchange Improvements may be used for any other public use authorized by law or credited to the Debt Service Fund or other City debt service funds, all in accordance with Section 475.65 of the Act. 4.04. Refunding Fund. Proceeds of the Refunding Portion of the Bonds, less the appropriations made in Section 4.02, will be deposited in a separate fund (the "Refunding Fund ") to be used solely to redeem and prepay the Refunded Bonds in accordance with Section 5 hereof, and to pay an allocable share of costs of issuance of the Bonds. Any balance remaining in the Refunding Fund after the redemption of the Refunded Bonds and payment of costs of issuance shall be deposited in the Refunding 412159v2 SJB LN140 -108