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RES 14-026 Awarding GO Bonds
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RES 14-026 Awarding GO Bonds
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7/29/2015 10:55:00 AM
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7/28/2015 3:51:06 PM
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City Council
Meeting Date
3/25/2015
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Council Resolutions
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delivery by DTC to the Registrar of written notice to the effect that DTC has determined to <br />substitute a new nominee in place of Cede & Co., the Bonds will be transferable to such new <br />nominee in accordance with paragraph (d) hereof. <br />(c) In the event the City determines that it is in the best interest of the Beneficial Owners <br />that they be able to obtain Bonds in the form of bond certificates, the City may notify DTC and <br />the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of <br />Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance <br />with paragraph (d) hereof. DTC may determine to discontinue providing its services with <br />respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its <br />responsibilities with respect thereto under applicable law. In such event the Bonds will be <br />transferable in accordance with paragraph (d) hereof. <br />(d) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) <br />or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of <br />the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted <br />transferee in accordance with the provisions of this resolution. In the event Bonds in the form of <br />certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as <br />owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions <br />of this resolution shall also apply to all matters relating thereto, including, without limitation, the <br />printing of such Bonds in the form of bond certificates and the method of payment of principal of <br />and interest on such Bonds in the form of bond certificates. <br />Section 4. Security Provisions. <br />4.01. 2014A Improvement Construction Fund. There is hereby created a special <br />bookkeeping fund to be designated as the "2014A Improvement Construction Fund" (the <br />"Construction Fund"), to be held and administered by the Finance Director separate and apart <br />from all other funds of the City. The City appropriates to the Construction Fund (a) <br />$1,963,884.19 of the proceeds of the sale of the Bonds, and (b) all collections of special <br />assessments levied for the Improvements until completion and payment of all costs of the <br />Improvements. The Construction Fund shall be used solely to defray expenses of the <br />Improvements, including but not limited to the transfer to the Bond Fund, created in Section 4.02 <br />hereof, of amounts sufficient for the payment of interest and principal, if any, due upon the <br />Bonds prior to the completion and payment of all costs of the Improvements and the payment of <br />the expenses incurred by the City in connection with the issuance of the Bonds. Upon <br />completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds <br />remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other <br />improvements instituted pursuant to the Act, as directed by the City Council, but any balance of <br />such proceeds not so used shall be credited and paid to the Bond Fund. <br />4.02. 2014A improvement Bond Fund. So long as any of the Bonds are outstanding and <br />any principal of or interest thereon unpaid, the Finance Director shall maintain a separate and <br />special bookkeeping fund designated "2014A Improvement Bond Fund" (the "Bond Fund") to be <br />used for no purpose other than the payment of the principal of and interest on the Bonds and on <br />such other improvement bonds of the City as have been or may be directed to be paid therefrom. <br />-14- <br />
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