Resolution 8745 - Laserfiche WebLink

Home Browse Search

3.06. Temporary Bonds. The City may elect to deliver, in lieu of printed definitive Bonds, one or more typewritten temporary Bonds in substantially the form set forth in Exhibit B with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Bonds, the temporary Bonds will be exchanged therefor and cancelled. Section 4. Form of Bond. 4.01. Execution of the Bonds. The Bonds will be printed or typewritten in substantially the form attached hereto as Exhibit B. 4.02. Approving Legal Opinion. The City Finance Director is directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on or accompany the Bonds. Section 5. Payment; Security; Pledges and Covenants. 5.01. Debt Service Fund. (a) The Bonds are payable from the General Obligation Capital Improvement Plan Bonds, Series 2017A Debt Service Fund (the"Debt Service Fund") hereby created, and the proceeds of the ad valorem taxes hereinafter levied are hereby pledged to the Debt Service Fund. If a payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same,the City Finance Director will pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for those advances out of the proceeds of the taxes levied by this resolution, when collected. There is appropriated to the Debt Service Fund (i) capitalized interest financed from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser,to the extent designated for deposit in the Debt Service Fund in accordance with Section 2.02; (iii) except as provided in (b), proceeds of general ad valorem taxes herein levied for the Bonds (the "Taxes"), which Taxes are pledged to the Debt Service Fund; (iv)all investment earnings on amounts in the Debt Service Fund; and(iv)any other funds appropriated for the payment of principal or interest on the Bonds. (b) Construction Fund. The proceeds of the Bonds, less the appropriations made in paragraph(a),together with any other funds appropriated for the Improvements and Taxes collected during the construction of the Improvements will be deposited in a separate construction fund (the "Construction Fund")to be used solely to defray expenses of the Improvements and the payment of principal and interest on the Bonds prior to the completion and payment of all costs of the Improvements. Any balance remaining in the Construction Fund after completion of the Improvements may be used to pay the cost in whole or in part of any other capital improvement instituted under the Act. When the Improvements are completed and the cost thereof paid, the Construction Fund is to be closed and subsequent collections of Taxes for the Improvements are to be deposited in the Debt Service Fund. 496797v2 JSB MU210-244 8