04-07-81 CCM - Laserfiche WebLink

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6. The certificates shall be executed on behalf of the City by the signatures of its Mayor and Administrator and be sealed. with the seal of the City; provided, that one (or both) of the signatures and the seal of the City may be printed facsimiles (if the certificates are also signed manually by at least one such officer), and provided further that the corporate seal may be omitted on the certificates as permitted by law. The interest coupons pertaining thereto shall be executed by the printed, engraved or lithographed facsimile signatures of the Mayor and Administrator. 7. The certificates when so prepared and executed shall be delivered by the Administrator, to the purchaser thereof upon receipt of the purchase price, and the purchaser shall not be obliged to see to the proper application thereof. 8. There is hereby created a special fund to be designated "General obligation Equipment Certificates of 1981 Fund" to be held and administered by the City Administrator separate and apart from all other accounts of the City. The Fund shall be maintained in the manner herein specified until all of -the certificates herein authorized and the interest thereon have been fully paid. There shall be maintained in the .Fund two separate accounts, to be designated the "Capital Account" and the "Debt Service Account", respectively. The proceeds of the sale, of the certificates herein authorized, less any accrued interest received thereon, shall be credited to the Capital Account, from which there shall be paid all costs and expenses of purchasing the fire truck including all costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose except as otherwise provided by law; provided that the certificate proceeds may also be used to the extent necessary to pay interest on the certificates due prior to the anticipated date of commencement of the collection of taxes herein levied. There is hereby pledged and there shall be credited to the Debt Service Account (a) all accrued interest received upon delivery of the oertifi- cates, (b) any collections of all taxes herein levied for the payment the certificates; and (c) all funds remaining in the Capital Account after the purchase of the fire truck and payment of the costs thereof. The Debt Service, Account herein created shall be used solely to pay the principal and interest and any premiums for redemption of the certificates issued hereunder and any other general obligation certificates of the City hereafter issued by the City and made payable from said