87-069 RES - Laserfiche WebLink

Home Browse Search

. 3.4) Execution and Delivery. The Bond shall be prepared under the direction of the City Clerk-Administrator and shall be executed on behalf of the City by the signatures of the Mayor and City Clerk-Administrator and be sealed with the seal of the City. When the Bond has been so executed it shall be delivered by the City Clerk-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. construction Fund. . A special fund designated "The General Obligation Tax Increment (Taxable) Bond, Series 1987A Fund" (the FUnd) is hereby established separate from other funds of the City. A separate account is hereby established within the Fund for a project consisting of the construction of Improvements in the Industrial Park in the City, which shall be called the "1987 Industrial Park Improvements Project Construction Account." The proceeds of the sale of the Bonds shall be credited to the 1987 Industrial Park Improvements Project Construction Account. From such account shall be paid all costs and expenses related to the construction of the Improvements; provided, that the moneys in such account may also be used to the extent necessary to pay interest or principal due on the Bond prior to the commencement of the collection of tax increments and taxes levied or to be levied for the purpose of paying the costs of the Improvements and the principal and interest due upon the Bond. When the total cost of the Improvements has been paid, such account shall be discontinued and any money remaining in such account 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 1987A Tax Increment (Taxable) Bond Debt Service Account." Excess Tax Increments (defined in Section 6) are hereby irrevocably appropriated and pledged to the Series 1987A Tax Increment (Taxable) Bond Debt Service Account to the extent necessary to pay principal of and interest on the Bonds. There is also pledged to such account (a) all accrued interest received from the purchaser of the Bonds; and (b) all funds remaining in the 1987 Industrial Park Improvements Project Construction Account after completion of the Improvements and payment of the cost thereof. Such separate account shall be used to pay principal and interest on the Bonds. If moneys in such separate account should at any time be insufficient to pay principal and interest due on the Bonds, such amount shall be paid from the general fund of the City, which shall be reimbursed therefor when sufficient money becomes available in such separate account. . 3 .