7.2. SR 06-20-2005 - Laserfiche WebLink

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6. Delivery; Application of Proceeds; Legal Opinion. The Bonds, when prepared and executed as hereinafter described, shall be delivered by the City Finance Director to the Purchasers upon receipt of the purchase price and the Purchasers shall not be obligated to see to the proper application thereof. The City Finance Director shall obtain a copy of the proposed approving legal opinion of bond counsel for the Bonds, Briggs and Morgan, Professional Association St. Paul, Minnesota, and shall cause such opinion to be filed in the offices of the City. 7. Execution. The Bonds shall be executed on behalf of the City by the manual signatures of Mayor and City Administrator and shall be duly registered by the manual signature of the City Finance Director as Bond Registrar. The official seal of the City shall be impressed on the Bonds. The Bonds, when fully executed and sealed, shall be delivered by the City Finance Director to the Purchaser, and the Purchaser shall not be obligated to see to the proper application of the proceeds thereof. 8. Fund and Accounts. In order to provide for the proper administration of all funds which are derived from the operation of the Municipal the Liquor Stores, the City Finance Director has heretofore established and shall continue to maintain a Liquor Store Fund (the "Fund") which shall remain a separate fund of the City subject to the following separate accounting: () Proiect Account. To the Project Account within the Liquor Store Fund there shall be deposited the proceeds from the sale of the Bonds. From the Project Account shall be paid all costs of the Project including legal, engineering, financing and other such expenses incidental thereto. The City hereby covenants to complete the Liquor Store and hereby appropriates such other funds of the City as may be necessary to do so, because the proceeds of the Bonds are insufficient for that purpose. Any balance remaining in the Project Account after the payment of such costs shall be transferred to the Operation and Maintenance Account described below. () Operation and Maintenance Account. To the Operation and Maintenance Account within the Liquor Store Fund shall be paid all revenues and receipts from the operation of the Liquor Store, including all revenues derived from the operation of the Existing Liquor Store (collectively, the "Gross Revenues"). From this account there shall be paid all, but only, current expenses of the Municipal Liquor Stores. Current expenses shall include the reasonable and necessary costs of administering, operating, maintaining and insuring the Municipal Liquor Stores, the cost of salaries, wages, merchandise sold and other similar items, costs of materials and supplies, necessary legal, engineering and auditing services, and all other items which, by sound accounting practices constitute normal, reasonable and current costs of operation and maintenance, but excluding any allowance for depreciation, extraordinary repairs and payments into the Debt Service Account. All money remaining in the Operation and Maintenance Account, after paying or providing for the foregoing items, shall constitute and are referred to in this resolution as "Net Revenues." ( ) Debt Service Account. To the Debt Service Account within the Liquor Store Fund there shall be credited such amounts of Net Revenues as shall be necessary 8