CC PACKET 03142006 - Laserfiche WebLink

Home Browse Search

instituted pursuant to the Act, as directed by the City Council, but any balance of such proceeds not so used shall be credited and paid to the Bond Fund. 5.02. 2006A General Obligation Bonds Bond Fund. So long as any of the Bonds are outstanding and any principal of or interest thereon unpaid, the Finance Director shall maintain a separate and special bookkeeping designated 2006A General Obligation p g fund desi " Bonds g Bond Fund" (hereinafter referred to as the Bond Fund) .to be used for no purpose other than the payment of the principal of and interest on the Bonds and on such other improvement bonds of the City as have been or may be directed to be paid therefrom. The City irrevocably appropriates to the Bond Fund (a) the amount specified in Section 4,(b)all amounts on de osit in the debt p service fund maintained for the payment of the Refunded Bonds upon the retirement of the .Refunded Bonds and all future collections of special assessments received with respect to the improvements financed by the Refunded Bonds; (c) the collections of special assessments and other funds to be credited and paid thereto in accordance with the provisions of Section 5.01, (d) any taxes levied in accordance with this resolution, (e) all income derived from the investment of amounts on hand in the Bond Fund, and (f) all such other moneys as shall be received and appropriated to the Bond Fund from time to time. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory tax limitation. There are hereby established two accounts in the Bond Fund, designated as the "Debt Service Account" and the "Surplus Account." All money appropriated or to be deposited in the Bond Fund shall be deposited as received into the Debt Service Account:- On each February 1, the Finance Director shall determine the amount on hand in the Debt Service Account. If such amount is in excess of one -twelfth of the debt service payable from the Bond Fund in the immediately preceding 12 months, the Finance Director shallrom tl transfer the p p Y amount in excess to the Surplus Account. The City appropriates to the Surplus Account any amounts to be transferred thereto from the Debt Service Account as herein provided and all income derived from the investment of amounts on hand in the Surplus Account. If at any time the amount on hand in the Debt Service Account is insufficient to meet the requirements of the Bond Fund, the Finance Director shall transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent necessary to cure such deficiency. 5.03. Additional Bonds. The City reserves the right to issue additional bonds payable from the Bond Fund as may be required to finance costs of the Improvements not financed hereby; provided that the City Council shall, prior to the delivery of such additional bonds, levy or agree to levy by resolution sufficient additional special assessments and ad valorem taxes, if any, which, together with other moneys or revenues pledged for the payment of said additional obligations, will produce revenues at least five percent (5%) in excess of the amount needed to pay when due the principal and interest on all bonds payable from the Bond Fund. The additional special assessments, ad valorem taxes and moneys or revenues so pledged, -13- 102