2015-044 Council Resolution - Laserfiche WebLink

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• (ii) amounts over the minimum purchase price of the Bonds paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 1.03 hereof. (b) Abatement Bonds Account. The Abatements for the Abatement Parcels are hereby pledged to the Abatement Bonds Account of the Debt Service Fund. There is appropriated to the Abatement Bonds Account a pro rata portion of (i) capitalized interest financed from Bond proceeds, if any; and (ii) amounts over the minimum purchase price of the Bonds paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 1.03 hereof. 4.02. Construction Fund. The City hereby creates the General Obligation Bonds, Series 2015A Construction Fund (the "Construction Fund"). The City will maintain the following accounts in the Construction Fund: the "Street Reconstruction Bonds Account" and the "Abatement Bonds Account." Amounts in the Street Reconstruction Bonds Account are irrevocably pledged to the Street Reconstruction Bonds, and amounts in the Abatement Bonds Account are irrevocably pledged to the Abatement Bonds. (a) Street Reconstruction Bonds Account. Proceeds of the Street Reconstruction Bonds, less the appropriations made in Section 4.01(a), together with any other funds appropriated for the Street Reconstruction and Taxes collected during the construction of the Street Reconstruction, will be deposited in the Street Reconstruction Bonds Account of the Construction Fund to be used solely to defray expenses of the Street Reconstruction. When the Street Reconstruction is completed and the cost thereof paid, the Street Reconstruction Bonds Account of the Construction Fund is to be closed and subsequent collections of Taxes for the Street Reconstruction are to be deposited in the Street Reconstruction Bonds Account of the Debt Service Fund. (b) Abatement Bonds Account. Proceeds of the Abatement Bonds, less the appropriations made in Section 4.01(b) hereof, will be deposited in the Abatement Bonds Account of the Construction Fund to be used solely to defray expenses of the Project described herein and in the Abatement Resolution. When the Project is completed and the cost thereof paid, the Abatement Bonds Account of the Construction Fund is to be closed and any funds remaining may be deposited in the Abatement Bonds Account of the Debt Service Fund. 4.03. General Obligation Pledge. For the prompt and full payment of the principal of and interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which are available for such purpose, and such general fund may be reimbursed with or without interest from the Debt Service Fund when a sufficient balance is available therein. 4.04. Pledge of Tax Levy. For the purpose of paying the principal of and interest on the Bonds, there is levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. The Taxes will be credited to the Street Reconstruction Bonds Account of the Debt Service Fund above provided and will be in the years and amounts as attached hereto as EXHIBIT C. 4.05. Certification to Manager of Property Records and Taxation as to Debt Service Fund Amount. It is hereby determined that the estimated collections of Taxes and Abatements will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on 459994v2 JAE LN140-115 8