CC PACKET 06132000 - Laserfiche WebLink

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® certificates are issued to owners other than Cede& Co., its successor as nominee for DTC as 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. Security Provisions. 4.01.. 2000 Storm Sewer Utility Construction Fund. There is hereby created a special bookkeeping fund to be designated as the "2000 Storm Sewer Utility Construction Fund" (the "Construction Fund"), to be held and administered by the City Finance Director separate and apart from all other funds of the City. The City appropriates to the Construction Fund$1,590,680 of the proceeds of the sale of the Bonds. The Construction Fund shall be used solely to defray expenses of the Improvements, including but not limited to the transfer to the Bond Fund,created in Section 4.02 hereof, of amounts sufficient for the payment of interest, due upon the Bonds prior to the-completion of the Improvements and the payment of the expenses incurred by the City in connection with the issuance of the Bonds. Upon completion and payment of all costs of the Improvements, any balance of the proceeds of Bonds remaining in the Construction Fund may be used to pay the cost, in whole or in part, of any other improvements to the Utility, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund. • 4.02. 2000 Storm Sewer Utility Bond Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the City Finance Director shall maintain on its books and records a separate and special bookkeeping fund designated"2000 Storm Sewer Utility Bond Fund" (the"Bond Fund") to be used for no purpose other than the payment of the principal of and interest on the Bonds and any additional obligations of the City payable therefrom pursuant to Section 4.03 hereof. If the balance in the Bond Fund is ever insufficient to pay all principal and interest then due on bonds payable therefrom, the City Finance Director shall nevertheless provide sufficient money from any other.funds of the City which are available for that purpose, and such other funds shall be reimbursed from subsequent receipts of net revenues of the Utility appropriated to the Bond Fund and, if necessary, from the proceeds of the taxes levied for the Bond Fund. The City hereby appropriates to the Bond Fund the accrued interest on the Bonds and any amount in excess of $1,590,680 received from the Purchaser upon delivery of the Bonds and any amounts transferred to the Bond Fund pursuant to Section 4.01 hereof. The City Finance Director shall deposit in the Bond Fund the proceeds of all taxes levied and all other money which may at any time be received for or appropriated to the payment of such bonds and interest, including the net revenues of the Utility herein pledged and appropriated to the Bond Fund, all collections of any ad valorem taxes levied for the payment of the Bonds, and all other moneys received for or appropriated to the payment of the Bonds and interest thereon. • -14-