Resolution 2016-044 - Laserfiche WebLink

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and (e) any other fonds appropriated by this Council for the payment of the Bonds, The principal of and interest on the Bonds shall be payable from the Bond Fund, and the money on hand in the Bond Fund from time to time shall be used only to pay the principal of and interest on the Bonds. On or before each principal and interest payment date for the Bonds, the City Finance Director is directed to remit to the Registrar from hinds on deposit in the Bond Fund the amount needed to pay principal and interest on the Bonds on the next succeeding principal and interest payment date. There are hereby established two accounts in the Bond Fund, designated as the "Debt Service Account" and the `{Surplus Account," There shall initially be deposited into the Debt Service Account upon the issuance of the Bonds the amount set forth in clause (a) above. Thereafter, during each bond year (each twelve month period commencing on January 16 and ending on the following January 15, a "Bond Year"), as monies are received into the Bond Fund, the City Finance Director shall first deposit such monies into the Debt Service Account until an amount has been appropriated thereto sufficient to pay all principal and interest due on the Bonds through the end of the Bond Year. All subsequent monies received in the Bond Fund during the Bond Year shall be appropriated to the Surplus Account, If at any time the amount on hand in the Debt Service Account is insufficient for the payment of principal and interest then due, the City Finance Director shall transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent necessary to cure such deficiency. Investment earnings (and losses) on amounts from time to time held in the Debt Service Account and Surplus Account shall be credited or charged to said accounts. If the balance in the Bond Fund is at anytime insufficient to pay all interest and principal their due on all Bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reirribursernent from the Surplus Account when the balance therein is sufficient, and the City covenants and agrees that it will each year levy a sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory limitation. SECTION 5. SPECIAL ASSESSMENTS. The City hereby covenants and agrees that, for the payment of the costs of the Improvements Project, the City has done or will do and perform all acts and things necessary for the final and valid levy of special assessments in the principal amount of $1,596,340, which is not less than 20% of the cost of the Improvements Project. The principal of and interest on such special assessments are estimated to be levied and collected in the years and arnounts shown on EXHIBIT B attached hereto. The principal of the assessments shall be made payable in annual installments, with interest as established:by this Council in accordance with law on unpaid installments thereof from time to time remaining unpaid. In the event any special assessment shall at any time be held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the City or by this Council or by any of the officers or eiriployees of the City, either in the making of such special assessment or in the perforinance of any condition precedent thereto, the City hereby covenants and agrees that it will forthwith do all such further things and take all such farther proceedings as shall be required by law to make such special assessment a valid and binding lien upon said property. I