88-095 RES - Laserfiche WebLink

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. . . 3.2) The principal installments are subject to prepayment at the option of the City, in whole or in part, and if in part in inverse order of due dates. The City shall notify the holder of the Bonds of the intention to make a prepayment at least thirty (30) days prior to the date chosen for prepayment. 3.3) The Bonds shall be in substantially the form attached hereto as Exhibit B and incorporated herein as reference. 3.4) The Bonds shall be prepared under the direction of the City Administrator and shall be executed on behalf of the City by the signatures of the Mayor and City Administrator and be sealed with the seal of the City. When the Bonds have been so executed, they shall be delivered by the City Administrator to the purchaser thereof upon payment of the purchase price, and the purchaser shall not be required to see to the application of the purchase price. Section 4. Separate Fund for Proceeds. A special fund designated "The General Obligation Tax Increment (Taxable) Bonds, Series 1988B Fund" (the Fund) is hereby established separate from other funds of the City. A separate account is hereby established within the Fund for purchasing and improving the Property, which shall be designated the "1988B Industrial Park Property Acquisition Account" (the Acquisition Account). The proceeds of the sale of the Bonds, less the portion instituting capitalized interest, shall be credited to the Acquisition Account which shall be used to pay the purchase price and other and other expenses of acquiring the Property and expenses incurred in connection with the issuance of the Bonds. When such costs and expenses have been paid, the Acquisition Account shall be discontinued and any moneys remaining therein shall be transferred to the debt service account authorized in Section 5 hereof. Section 5. Debt Service Account; Pledqe. A separate account within the Fund is hereby established, designated the "Series 1988B Tax Increment (Taxable) Bonds Debt Service Account." Section 5 of Resolution No. 88-79 adopted by this council on September 12, 1988 appropriated and pledged all tax increments from the TIF District (the Tax Increments) to a debt service account authorized by that resolution to the extent necessary to pay principal of and interest on the General Obligation Tax Increment (Taxable) Bonds, Series 1988A in the principal amount of Two Hundred Ninety-nine Thousand Nine Hundred Dollars ($299,900). Section 5 of Resolution No. 88-79 is hereby amended so that a pro rata portion of the Tax Increments are irrevocably appropriated and pledged to the Series 1988A Tax Increment (Taxable) Bonds Debt Service Account to the extent necessary to pay principal of and interest on the General Obligation Tax Increment (Taxable) Bonds, Series 1988A and a pro rata portion of the Tax Increments are hereby irrevocably appropriated and pledged to the Series 1988B Tax increment (Taxable) Bonds Debt Service Account to the extent 3 .