Laserfiche WebLink
15. Fund and Accounts. There is hereby created a <br />special fund to be designated the "General Obligation <br />Equipment Certificates of 1988 Fund" (the "Fund") to be <br />administered and maintained by the Clerk -Treasurer as a <br />bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The <br />Fund shall be maintained in the manner herein specified until <br />all of the Certificates and the interest thereon have been <br />fully paid. There shall be maintained in the Fund two (2) <br />separate accounts, to be designated the "Capital Account" and <br />"Debt Service Account", respectively. <br />(i) Capital Account. To the Capital Account there <br />shall be credited the proceeds of the sale of the <br />Certificates, less accrued interest received thereon, and <br />less any amount paid for the Certificates in excess of <br />$85,000, and less capitalized interest in the amount of <br />$7,100 (together with interest earnings thereon and <br />subject to such other adjustments as are appropriate to <br />provide sufficient funds to pay interest first coming due <br />on the Certificates). From the Capital Account there <br />shall be paid all costs and expenses of acquiring the <br />equipment, including the cost of any purchase contracts <br />heretofore let and all other costs incurred and to be <br />incurred of the kind authorized in Minnesota Statutes, <br />Section 475.65; and the moneys in said account shall be <br />used for no other purpose except as otherwise provided by <br />law; provided that the proceeds of the Certificates may <br />also be used to the extent necessary to pay interest on <br />the Certificates due prior to the anticipated date of <br />commencement of the collection of taxes herein levied or <br />covenanted to be levied. <br />(ii) Debt Service Account. There are hereby <br />irrevocably appropriated and pledged to, and there shall <br />be credited to, the Debt Service Account: (a) all <br />accrued interest received upon delivery of the <br />Certificates; (b) capitalized interest in the amount of <br />$7,100 (together with interest earnings thereon and <br />subject to such other adjustments as are appropriate to <br />provide sufficient funds to pay interest first coming due <br />on the Certificates); (c) any collections of all taxes <br />herein or hereafter levied for the payment of the <br />Certificates and interest thereon; (d) all investment <br />earnings on funds held in the Debt Service Account; and <br />(e) any and all other moneys which are properly available <br />and are appropriated by the Council to the Debt Service <br />Account. The Debt Service Account shall be used solely <br />14 <br />