1998.03.16 RESO 1998-0009 - Laserfiche WebLink

Home

and less such Bond proceeds (if any) as may be used to pay issuance expenses, plus other available municipal funds (estimated at $ 297,056.00 ) as may be required to adequately fund the Escrow Account for the purposes set forth in subparagraph (i) below, are hereby pledged and appropriated and shall be credited to the Escrow Account. (i) Escrow Account. The Escrow Account shall defease the Refunded Bonds. The Escrow Account shall be maintained as an escrow account with Firstar Bank of Minnesota, N.A. (the "Escrow Agent"), in St. Paul, Minnesota which isa suitable financial institution within or without the State whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000. The Escrow Account shall be invested in securities maturing or callable at the option of the holder on such dates and bearing interest at such rates as shall be required to provide 'sufficient funds, together with any cash or other funds retained in the Escrow Account, to pay when due the interest to accrue on each Refunded Bond to its maturity or to the date on which it is called for redemption as herein provided and to pay the principal amount of each such obligation at maturity or on the date on which it has been called for redemption and to pay any premium required for redemption on such date on the Refunded Bonds. The moneys in the Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that any surplus in the Escrow Account may be remitted to the City, all in accordance with an agreement (the "Escrow Agreement") by and between the City and Escrow Agent, a form of which agreement is on file in the office of the Clerk -Treasurer. (ii) Debt Service Account. To the Debt Service Account there is hereby pledged and irrevocably appropriated and there shall be credited: (1) any uncollected special assessments pledged to the Debt Service Account of the Prior Bonds; (2) any collections of all taxes heretofore levied for the payment of the Prior Bonds as a result of the Refunding; (3) any other unexpended monies pledged to the Debt Service Account of the Prior Bonds pursuant to the Prior Resolution (unless used to fund the Escrow Account); (4) all accrued interest received upon delivery of the Bonds (unless used to fund the Escrow Account); (5) any unused discount (unless used to fund the Escrow Account); (6) any collections of all taxes herein or hereafter levied for the payment of the Bonds and interest thereon; (7) all investment earnings on funds in the Debt Service Account; and (8) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The amount of any surplus remaining in the Debt Service Account when the Bonds and interest thereon are paid 913727.01 18