Resolution 2005-074 - Laserfiche WebLink

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substitution for STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: [end of bond form] SECTION 3. USE OF PROCEEDS- SECURITY PROVISIONS 3.01. Use of Proceeds. Bond proceeds in the amount set forth in Section 3.02 hereof are appropriated to the Construction Fund created therein. Any amounts received from the Purchaser remaining after such amounts have been appropriated are hereby appropriated to the Bond Fund created in Section 3.03 hereof. 3.02. 2005 Utility Construction Fund. There is hereby created a special bookkeeping fiord to be designated as the "2005 Utility Construction Fund" (the "Construction Fund "), to be held and administered by the City Administrator separate and apart from all other funds of the City. The City appropriates to the Construction Fund $4,520,000 of the proceeds of the sale of the Bonds. The Construction Fund shall be used solely to defray expenses of the Improvements, including but not limited to the transfer to the Bond Fund, created in Section 3.03 hereof of amounts sufficient for the payment of interest due upon the Bonds prior to the completion of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds remaining in the Construction Fund may be. used to pay the cost, in whole or in part, of any other improvements to the Utility, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund, 3.03. 2005 Utility Bond Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the City Administrator shall maintain on its books and records a separate and special bookkeeping fund designated "2005 Utility Bond Fund" (the "Bond Fund ") to be used for no purpose other than the payment of the principal of and interest on the Bonds and any additional obligations of the City payable therefrom pursuant to Section 3.04 hereof. If the balance in the Bond Fund is ever insufficient to pay all principal and interest then due on bonds payable therefrom, the City Administrator shall nevertheless provide sufficient money from any other funds of the City which are available for that purpose, and such other funds shall be reimbursed from subsequent receipts of net revenues of the Utility appropriated to the Bond Fund and, if necessary, from the proceeds of the taxes levied for the Bond Fund. The City hereby appropriates to the Bond Fund the amounts required by Section 3.02 to be credited to the Bond Fund. The City Administrator shall deposit in the Bond Fund the proceeds of all taxes levied and all other money which may at any time be received for or appropriated to the payment of such bonds and interest, including the net revenues of the Utility herein pledged and appropriated to the Bond Fund, all collections of any ad valorem taxes levied -13-