02-19-1964 VCM - Laserfiche WebLink

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Clerk Mayor (On bonds numbered 76 to 213; both inclusive, coupons num- bered and higher shall also 'include the clause, "Un- less the bond described below is called for earlier redemp- tion. ") 6. The bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the Village by the signature of the Mayor~ and by the signature of the Clerk. The corporate seal shall be affixed thereto, and the interest coupons s~all be executed and authenticated by the printed~ engraved, .or lithographed facsimile signa- tures of said officers. When said bonds have been so pre- pared and executed, they shall be delivered to the Village Treasurer who shall deliver the same to the purchaser thereof as hereinafter provided, but the' purchaser shall not be re_- quired to see to the proper application of the purchase price. 7. There is hereby created a special fund to be desig- nated as "General Obligation Refunding Improvement Bonds of 1964 Fund," to be held and administered by the Village Treas- urer separate and apart from all other funds of the Village. Said. fund shall be maintained in the manner herein specified until all of the bonds herein authorized and interest thereon shall have been fully paid. In said fund there shall be main- tained two separate accounts, to be designated as the "Escrow Account" and the "Sinking Fund Account", respectively. The proceeds of the sale of the bonds herein authorized less ac- crued interest received thereon, and so much of the Sinking Fund balances of the obligations listed in paragraph 1 hereof and cash as shall be necessary to pay the interest on the obligations to be refunded to their maturity or the date on which they are called for redemption, whichever date is ear- lier, are hereby pledged and appropriated and shall be cre- dited to the Escrow AccoUnt. (a) The Escrow Account shall be deposited together with any other funds available and appropriated by the Council for that purpose in escrow with a suitable banking institution within or without the State~ whose deposits are insured by the Federal Deposit Insurance Corporation and whoseccoinbined capital and surplus is not less than $1,000,000, and shall be invested in securities maturing or callable at the option of the holder on such dates and bearing such interest at such rates as shall be required to provide sufficient funds, to- gether with any cash or other funds retained in the Escrow Account to pay when due the interest to accrue on each obli- gation refunded to its maturity or to the date on which it is called 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 -6-