Resolution 2016-044 - Laserfiche WebLink

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of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the or of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at EXHIBIT A attached hereto. 3,01. Proms' ect Fund There is hereby created a special bookkeeping fund to be designated as the "General Obligation Bonds, Series 2016A Project Fund" {the 'Project Fund"), to be held and administered by the City Finance Director separate and apart from all other funds of the City. Within the Project Fund are established the following accounts: (a) Improvements Proiect Account. The Improvements Project Account shall be credited with (i) $2,753,512,00 from the proceeds from the Bonds and (ii) all special assessments collected with respect to the Improvements Project -until all costs of the Improvements Project have been fully paid. The City Finance Director shall maintain the Improvements Project Account until payment of all costs and expenses incurred in connection with the construction of the linprovements Project have been paid. (b) Utility Project Account. The Utility Project Account shall be credited with $6,923,084.00 from the proceeds of the Bonds. The City Finance Director shall maintain the Utility Project Account until all costs and expenses incurred by the City in connection with the construction of the Utility Project have been paid. From the Project Fund there shall be paid all costs and expenses related to the construction and acquisition of the Project. After payment of all such costs and expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when terminated shall be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds may be transferred to some other fund or account as to which the City has received from bond counsel an opinion that such other transfer is permitted by applicable laws and does not impair the exemption of interest on the Bonds from federal income taxes. In no event shall funds remain in the Project Fund later than June 1, 2021. SECTION 4. GENERAL OBLIGATION BONDSEERIE S 2016A BOND FUND. The Bonds shall be payable from a separate General Obligation Bonds, Series 2016A Bond Fund (the "Bond Fund") of the City, which shall be created and maintained on the books of the City as a separate debt redemption fund until the Bonds, and all interest thereon, are hilly paid. Into the Bond Fund shall be paid (a) any funds received from the Purchaser upon delivery of the Bonds in excess of the amounts specified in Section 3 above; (b) special assessments levied and collected in accordance with this Resolution except as otherwise provided in Section 3.01, clause (a) hereof; (c) net revenues of the municipal water, sewer and storm water systems, such revenues to be distributed ratably with respect to the Utility Bonds payable therefrom and any other obligations of the City payable from the same source; (d) any taxes collected pursuant to Section 7 hereof; 0