CC PACKET 11271995 - Laserfiche WebLink

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owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of bond certificates and the method of payment of principal of and interest on such Bonds in the form of bond certificates. Section 4. Use of Proceeds and Security Provisions. Section 4.01. Construction Fund. A Construction Fund is hereby created, as a special fund and designated on the books of the City as the "1995 Tax Increment Bonds Construction Fund" (the "Construction Fund"), to be created and maintained on the books of the City separate and apart from all other funds of the City. The City hereby appropriates to the Construction Fund all of the proceeds received from the sale of the Bonds, less any accrued interest on the Bonds, which accrued interest shall be deposited in the Sinking Fund, as defined in Section 4.02 hereof. Moneys on hand in the Construction Fund from time to time shall be used solely to pay a portion of the costs of construction by the City of a community center; provided that only the costs allocable to the portion of the community center to be used for social, recreation or conference purposes and not primarily for conducting the business of the City.shall be paid from amounts in the Construction Fund. Any amounts remaining in the Construction Fund upon payment of all such costs shall be transferred to the Bond Fund. • Section 4.02. General Obligation Tax Increment Bond Sinking Fund. The Bonds shall be payable from a separate Series 1995B General Obligation Tax Increment Bond Sinking Fund (the "Sinking Fund") 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 fully paid. There shall be credited to the Sinking Fund the following: (a) Any amount initially deposited therein pursuant to Section 4.01 hereof. (b) All taxes levied and all other money which may at any time be received for or appropriated to the payment of the principal of or interest on the Bonds, including the tax increments herein pledged and appropriated to the Sinking Fund and all collections of any ad valorem taxes levied for the payment of the Bonds. (c) Any other funds appropriated by the Council for the payment of the Bonds. 4.03. Pledge of Tax Increment. Tax increment derived from Kenzie Terrace Tax Increment District (Hennepin County No. 1950)and Chandler Place Tax -14-