Laserfiche WebLink
. f . 9 <br />14. Treatment of Registered Owner. The City and <br />Bond Registrar may treat the person in whose name any Bond is <br />registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any, and <br />interest (subject to the payment provisions in paragraph 13 <br />above) on, such Bond and for all other purposes whatsoever <br />whether or not such Bond shall be overdue, and neither the <br />City nor the Bond Registrar shall be affected by notice to the <br />contrary. <br />15. Delivery; Application of Proceeds. The Bonds <br />when so prepared and executed shall be delivered by the City <br />Clerk -Treasurer to the Purchaser upon receipt of the -purchase <br />price, and the Purchaser shall not be obliged to see to the <br />proper application thereof. <br />16. Fund and Accounts. There is hereby created a <br />special fund to be designated the "General Obligation <br />Improvement Bonds, Series 1988A Fund" (the "Fund") to be <br />administered and maintained by the City 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 Bonds and the interest thereon have been fully <br />paid. There shall be maintained in the Fund two (2) separate <br />accounts, to be designated the "Construction Account" and <br />"Debt Service Account", respectively. <br />(i) Construction Account. To the Construction Account <br />there shall be credited the proceeds of the sale of the Bonds, <br />less accrued interest received thereon, and less any amount <br />paid for the Bonds in excess of $1,039,000, and less <br />capitalized interest in the amount of $ (together <br />with interest earnings thereon and subject to such other <br />adjustments as are appropriate to provide sufficient funds to <br />pay interest first coming due on the Bonds), plus any special <br />assessments levied with respect to the Improvements and <br />collected prior to completion of the Improvements and payment <br />of the costs thereof. From the Construction Account there <br />shall be paid all costs and expenses of making the <br />Improvements, including the cost of any construction contracts <br />heretofore let and all other costs incurred and to be incurred <br />of the kind authorized in Minnesota Statutes, Section 475.65; <br />and the moneys in said account shall be used for no other <br />purpose except as otherwise provided by law; provided that the <br />proceeds of the Bonds may also be used to the extent necessary <br />to pay interest on the Bonds due prior to the anticipated date <br />of commencement of the collection of taxes or special assess - <br />18 <br />