8.1 SR 04-19-2021 - Laserfiche WebLink

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contract of sale heretofore made and executed, and the Purchaser will not be obligated to see to the application of the purchase price. 3.07. Form of Bond. The Bonds will be printed or typewritten in substantially the form set forth in Exhibit B attached hereto. 3.08. Approving Legal Opinion. The City Finance Director is authorized and directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which will be complete except as to dating thereof and will cause the opinion to be printed on or accompany each Bond. Section 4. Funds and Accounts; Security; Payment. 4.01. Debt Service Fund and Accounts Maintained Therein. For the convenience and proper administration of the moneys to be borrowed and repaid on the Bonds, and to provide adequate and specific security for the Purchaser and holders from time to time of the Bonds, there is hereby created a special fund to be designated the "General Obligation Capital Improvement Plan and Equipment Bonds, Series 2021A Debt Service Fund" (the "Debt Service Fund"). The Debt Service Fund shall 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 Debt Service Fund will be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. The City will maintain the following accounts in the Debt Service Fund: the "CIP Improvements Account" and the "Equipment Account." Amounts in the CIP Improvements Account are irrevocably pledged to the CIP Bonds and amounts in the Equipment Account are irrevocably pledged to the Equipment Certificates. (a) CIP Improvements Account. To the CIP Improvements Account in the Debt Service Fund there is hereby pledged and irrevocably appropriated and there will be credited: (i) proceeds of the ad valorem taxes levied under Section 4.03 or hereafter levied (the "CIP Improvement Taxes"), which ad valorem taxes are pledged to the CIP Improvements Account; (ii) capitalized interest financed from Improvement Bond proceeds, if any; (iii) a pro rata portion of the amount over 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, (iv) all investment earnings on amounts in the CIP Improvements Account of the Debt Service Fund; and (v) any other funds appropriated for the payment of principal or interest on the CIP Bonds. If a payment of principal or interest on the CIP Bonds becomes due when there is not sufficient money in the CIP Improvements 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. (b) Equipment Account. To the Equipment Account in the Debt Service Fund, there is hereby pledged and irrevocably appropriated and there will be credited: (i) proceeds of general taxes levied under Section 4.04 or hereafter levied (the "Equipment Taxes") for the Equipment, which ad valorem taxes are pledged to the Equipment Account; (ii) capitalized interested financed from Equipment Certificates proceeds, if any; (iii) a pro rata BL185-65-708496.v1