2013.02.25 RESO 2013-05 - Laserfiche WebLink

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manner herein specified until the Bonds and the interest thereon shall have been fully paid. In such records there shall be established and maintained the following separate accounts, for the purposes as follows: (a) Escrow Account. The Escrow Account shall be maintained as an escrow account with U.S. Bank National Association (the 'Escrow Agent"), in Saint Paul, Minnesota, which is a suitable financial institution within or without the State. $5,807,283.75 in proceeds of the sale of the Bonds shall be received by the Escrow Agent and applied to fund the Escrow Account or to pay costs of issuing the Bonds. Proceeds of the Bonds less proceeds used to pay costs of issuance and any proceeds returned to the City are hereby irrevocably pledged and appropriated to the Escrow Account, together with all investment earnings thereon. 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, (i) to pay when due the interest to accrue on the Bonds to and including the Crossover Date; and (ii) to pay when called for redemption on the Crossover Date, the principal amount of the Refunded Bonds. The Escrow Account shall be irrevocably appropriated to the payment of (i) all interest on the Bonds to and including the Crossover Date, and (ii) the principal of the Refunded Bonds due by reason of their call for redemption on the Crossover Date. 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. Any moneys remitted to the City pursuant to the Escrow Agreement shall be deposited in the Debt Service Account. (b) Debt Service Account. There shall be maintained separate subaccounts in the Debt Service Account to be designated the Capital Improvement Debt Service Subaccount and the Abatement Debt Service Subaccount. There are hereby irrevocably appropriated and pledged to, and there shall be credited to the separate subaccounts of the Debt Service Account: (i) Capital Improvement Debt Service Subaccount. To the Capital Improvement Debt Service Subaccount there is hereby pledged and irrevocably appropriated and there shall be credited: (1) after the Crossover Date, all collections of all taxes heretofore levied for the payment of the Prior Capital Improvement Bonds which are not needed to pay the Prior Capital Improvement Bonds as a result of the Refunding; (2) any collections of all taxes herein or hereafter levied for the payment of the Capital Improvement Refunding Portion; (3) a proportionate share of accrued interest received upon delivery of the Bonds; (4) a proportionate share of any sums remitted to the City pursuant to the Escrow Agreement; (5) any balance remaining after the Crossover Date in the Debt Service Account created by the Prior Capital Improvement Resolution; (6) all investment earnings on funds in the Capital Improvement Debt Service Subaccount; and (7) any and all other moneys which are properly available and are appropriated by the governing body of the City to the Capital Improvement Debt Service Subaccount. The amount of any surplus remaining in the Capital Improvement Debt Service Subaccount when the Capital Improvement Refunding Portion and interest thereon are paid shall be used consistent with Minnesota Statutes, Section 475.61, Subdivision 4. 14 5253945x1