RES 21-32 - Laserfiche WebLink

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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) EquiRment 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 rats 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 EL185-65-708496.v2 9