Resolution 2010-058 - Laserfiche WebLink

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SECTION 3. USE OF PROCEEDS. Upon payment for the Bonds by the Purchaser, the Registrar shall deposit the proceeds of the Bonds and certain amounts with respect to the Refunded Bonds in accordance with the Escrow Agreement dated as of November 1, 2010 (the "Escrow Agreement"), between the City and Northland Trust Services, Inc., as escrow agent (the "Escrow Agent"). The funds so deposited with respect to the refunding of the Refunded Bonds shall be invested in securities authorized for such purpose by Minnesota Statutes, Section 475.67, subdivision 8, 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 Bonds to and including the Crossover Date and to pay and redeem the outstanding principal of the Refunded Bonds on the Crossover Date (and the amounts in such account are, irrevocably appropriated to such purposes). The Mayor and City Administrator are hereby authorized to enter into the 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 CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 2010B BOND FUND. The Bonds shall be payable from a separate General Obligation Capital Improvement Plan Refunding Bonds, Series 2010B Bond Fund (the "Bond Fund") of the City, which Bond Fund the City 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 City, 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) the amounts appropriated thereto pursuant to the Escrow Agreement; (b) all receipts of principal and interest on the investments held in the escrow account established pursuant to Section 3 to and including the Crossover Date (other than the sum of $2,845,000 received from maturing investments on the Crossover Date to be used to retire the Refunded Bonds); (c) all taxes collected pursuant to Section 5; and (d) any other funds appropriated by the Council for the payment of the Bonds. Levy Years Collection Years Amount See attached Schedule I The taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the tax levies from other legally available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61. M