2.3a ERMUSR 06-08-2021 - Laserfiche WebLink

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interest due date, without further order of this Commission, there shall be transmitted to the Registrar, fromamounts on hand in the Debt Service Account available therefore, an amount sufficient to payall principal and interest then due on the Bonds. 3.05.Execution, Authentication and Delivery. The Bonds will be prepared under the direction oftheFinanceManagerand executed on behalf of the City by the signatures of the President and the Secretaryand the Commissionby the signatures of the Mayorand theClerk, provided that thosesignatures may be printed, engraved or lithographed facsimilesof the originals. If an officer whose signature or a facsimile of whose signature appears on the Bonds ceases to be such officer before the delivery of any Bond, that signature or facsimile will nevertheless be valid and sufficient for all purposes, the same as if the officer had remained in office until delivery. Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to any security or benefitunder this Resolution unless and until a certificate of authentication on aBondhas been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on a Bond is conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds have been so prepared, executed and authenticated, the Finance Managerwill deliver the same to the Purchaser thereof upon payment of the purchaseprice in accordance with the contract of sale heretofore made and executed, and the Purchaser willnotbeobligated to see to the application of the purchase price. 3.06.Form of Bond. The Bonds will be printed or typewritten in substantially the form set forth in Exhibit Battached hereto. 3.07.Approving Legal Opinion. TheFinance Manageris authorized anddirected 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 willcause the opinion to be printed onor accompany each Bond. Section 4. Funds and Accounts; Security; Payment. 4.01.Debt Service Fund.For the convenience and proper administration of the moneys to be borrowed and repaidon 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 designatedthe General Obligation Water Utility Revenue Bonds, Series 2021CDebt ServiceFund . The Debt Service Fund shall be administered and maintainedby the Finance Manageras a bookkeeping account separate and apart from all other funds maintained in the official financial records of the Commission.The Debt Service Fund willbe maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. The Commissionwill continue to maintain and operate its WaterUtility Fund, to which will be creditedall gross revenues of the waterutility system, and out of which will be paid all normaland reasonable expenses of current operations of such Utility System. Any balances therein are ll be transferred, from time to time, to the Debt Service Fund hereby created,which fundwill be used only to pay principal of EL185-69-713323.v2 7 42