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limitation, the printing of such Bonds in the form of bond certificates and the method of payment <br /> • of principal of and interest on such Bonds in the form of bond certificates. <br /> Section 4. Security Provisions. <br /> 4.01. 2004B Improvement Construction Fund. There is hereby created a special <br /> bookkeeping fund to be designated as the "2004B 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 /> $2,021,151.46 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. 2004B Improvement Bond Fund. So long as any of the Bonds are <br /> outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a <br /> separate and special bookkeeping fund designated "200413 Improvement Bond Fund" (the "Bond <br /> Fund") to be used for no purpose other than the payment of the principal of and interest on the <br /> Bonds and on such other improvement bonds of the City as have been or may be directed to be <br /> paid therefrom. The City irrevocably appropriates to the Bond Fund (a) all amounts in excess of <br /> $2,064,625.00 received from the Purchaser, plus capitalized interest in the amount of <br /> $18,637.54, (b) the collections of special assessments and other funds to be credited and paid <br /> thereto in accordance with the provisions of Section 4.01, (c) any taxes levied in accordance with <br /> this resolution, (d) the proceeds of improvement bonds or temporary improvement bonds issued <br /> by the City to pay the principal of and interest on the Bonds, and (e) all such other moneys as <br /> shall be received and appropriated to the Bond Fund from time to time. <br /> There are hereby established two accounts in the Bond Fund, designated as the <br /> "Debt Service Account" and the"Surplus Account." All money appropriated or to be deposited <br /> in the Bond Fund shall be deposited as received into the Debt Service Account. On each <br /> February 1, the Finance Director shall determine the amount on hand in the Debt Service <br /> Account. If such amount is in excess of one-twelfth of the debt service payable from the Bond <br /> Fund in the immediately preceding 12 months, the Finance Director shall promptly transfer the <br /> amount in excess to the Surplus Account. The City appropriates to the Surplus Account any <br /> amounts to be transferred thereto from the Debt Service Account as herein provided and all <br /> income derived from the investment of amounts on hand in the Surplus Account. If at any time <br /> the amount on hand in the Debt Service Account is insufficient to meet the requirements of the <br /> Bond Fund, the Finance Director shall transfer to the Debt Service Account amounts on hand in <br /> the Surplus Account to the extent necessary to cure such deficiency. <br /> -11- <br />