Resolution 2009-012 - Laserfiche WebLink

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(b) $_ shall be applied as described in an Escrow Agreement relating to the Series 2002 Refunded Bonds (the "Escrow Agreement") between the Issuer and Northland Trust Services, Inc. (the "Escrow Agent"); (c) $ shall be used to pay issuance expenses of the Bonds; and (d) $ - shall be deposited in the Bond Fund created pursuant to Section 4.01 hereof. The funds deposited in escrow shall be invested in securities authorized for such purpose by Minnesota Statutes, Section 475.67, subdivision 8 (as directed by Section 475.67, subdivision 13 thereof}, maturing on such dates and bearing interest at such rates as are required to provide funds sufficient, with cash retained in the escrow account, to pay all interest to become due on the Series 2002 Refunding Bonds to and including the Crossover Date and to pay and redeem the Series 2002 Refunded Bonds on the Crossover Date (and the amounts in such account are irrevocably appropriated to such purpose). The Mayor and City Administrator are hereby authorized to enter into an Escrow Agreement with the Escrow Agent establishing the terms and conditions for the escrow account in accordance with Minnesota Statutes, Section 475.67. Section 4. General Obligation Refunding Bonds, Series 2009A Bond Fund and Pledge of Taxing Powers and Revenues. 4.01. General Obligation Refunding Bonds 2009A Bond Fund. The Bonds shall be payable from a separate and special General Obligation Refunding Bonds, Series 2009A Bond Fund (the "Bond Fund") of the Issuer, which the Issuer agrees to maintain until the Bonds have been paid in full. If the money in the Bond Fund should at any time be insufficient to pay principal and interest due on the Bonds, such amounts shall be paid from other moneys on hand in other funds of the Issuer, which other funds shall be reimbursed therefor when sufficient money becomes available in the Bond Fund. The moneys on hand in the Bond Fund from time to time shall be used only to pay the principal of and interest on the Bonds. Into the Bond Fund shall be paid: (a) any accrued interest and unused discount received from the Purchaser upon delivery of the Bonds; (b) subsequent to the Crossover Date, all municipal water utility system revenues collected in accordance with Section 4.03 hereof and all ad valorem taxes with respect to the Series 2002 Refunded Bonds collected as specified in Section 4.02; (c) all receipts of principal and interests on the investments held in the escrow account established pursuant to the Escrow Agreement to and including the Crossover Date (other than the sum of $ received from maturing investments on the Crossover Date to be used to retire the -Series 2002 Refunded Bonds); (d) all moneys allotted or to be allotted to the Issuer from its account in the municipal state aid street fund under Minnesota Statutes, Chapter 162 and (e) any other funds appropriated by the Council for the payment of the Bonds. All interest due on the Series 2001 Refunding Bonds shall be paid from deposits made to the Bond Fund from the Issuer's normal maintenance account in the municipal state aid street fund. 4.02. Pledge of Taxing Powers. For the prompt and full payment of the principal of and interest on the Bonds as such payments respectively become due, the full faith, credit and unlimited taxing powers of the Issuer shall be and are hereby irrevocably pledged. In order to produce aggregate amounts which, together with the collections of other amounts as set forth in Section 4.01, will produce amounts not less than 5% in excess of the amounts needed to meet when due the principal and interest payments on the Bonds, ad valorem taxes have previously been levied on all taxable property in the Issuer. The taxes will be levied and collected in years and amounts shown on the attached levy computation. Said taxes shall be irrepealable as long as El