8.1 SR 04-19-2021 - Laserfiche WebLink

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portion of the amount of the minimum purchase price paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in accordance with Section 2.03 hereof, and (iv) all investment earnings on funds in the Equipment Account; and (v) any and all other moneys which are properly available and are appropriated by the City Council to the Equipment Account. If a payment of principal or interest on the Equipment Certificates becomes due when there is not sufficient money in the Equipment Account in the Debt Service Fund to pay the same, the City Finance Director is directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for the advances out of the proceeds of taxes when collected. 4.02. Project Fund. The City hereby creates the "General Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A Project Fund" (the "Project Fund") to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The City will maintain the following accounts in the Project Fund: the "CIP Improvements Account" and the "Equipment Account." Amounts in the CIP Improvements Account will be used to construct the CIP Improvements and amounts in the Equipment Account will be used to acquire the Equipment. (a) CIP Improvements Account. Proceeds of the CIP Bonds, less the appropriations made in Section 4.01(a) hereof, together with any other funds appropriated for the CIP Improvements and CIP Improvement Taxes collected during the construction of the CIP Improvements, will be deposited in the CIP Improvements Account of the Project Fund to be used solely to defray expenses of the CIP Improvements and the payment of principal of and interest on the CIP Bonds prior to the completion and payment of all costs of the CIP Improvements. Any balance remaining in the CIP Improvements Account, after the CIP Improvements are completed and the cost thereof have been paid, may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the CIP Improvements Account of the Project Fund is to be closed and any balance remaining therein and any subsequent collections of the CIP Improvement Taxes for the CIP Improvements are to be deposited in the CIP Improvements Account of the Debt Service Fund. (b) Equipment Account. Proceeds of the Equipment Certificates, less the appropriations made in Section 4.01(b) hereof, will be deposited in the Equipment Account of the Project Fund to be used solely to defray expenses of acquiring the Equipment. Any balance remaining in the Equipment Account, after the Equipment has been acquired and the cost thereof have been paid, may be used as provided in Minnesota Statutes, section 475.65, under the direction of the City Council. Thereafter, the Equipment Account of the Project Fund is to be closed and any balance remaining therein is to be deposited in the Equipment Account of the Debt Service Fund. 4.03. Tax Levy for CIP Bonds. For the purpose of paying the principal of and interest on the CIP Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which Taxes will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such Taxes will be credited to the CIP Improvements Account BL185-65-708496.v1 9