Laserfiche WebLink
the person who is the registered owner thereof as of the Regular <br />Record Date, and shall be payable to the person who is the <br />registered owner thereof at the close of business on a date (the <br />"Special Record Date") fixed by the Bond Registrar whenever money <br />becomes available for payment of the defaulted interest. Notice <br />of the Special Record Date shall be given by the Bond Registrar <br />to the registered owners not less than ten (10) days prior to the <br />Special Record Date. <br /> <br /> 14. Treatment of Reqistered Owner. The City and Bond <br />Registrar may treat the person in whose name any Bond is <br />registered as the owner of such Bond for the purpose of receiving <br />payment of principal of and premium, if any, and interest <br />(subject to the payment provisions in paragraph 13 above) on, <br />such Bond and for all other purposes whatsoever whether or not <br />such Bond shall be overdue, and neither the City nor the Bond <br />Registrar shall be affected by notice to the contrary. <br /> <br /> 15. Delivery; Application of Proceeds. The Bond~ when <br />so prepared and executed shall be delivered by the City Finance <br />Director to the Purchaser upon receipt of the purchase price, and <br />the Purchaser shall not be obliged to see to the proper <br />application thereof. <br /> <br /> 16. Fund and Accounts. There is hereby created a <br />special fund of the City designated the "$1,375,000 General <br />Obligation Improvement Bonds, Series 1998A Fund" (the "Fund") to <br />be held and administered by the City as a bookkeeping account <br />separate and apart from all other funds maintained in the <br />official financial records of the City. The Fund shall continue <br />to be maintained in the manner herein specified until all of the <br />Bonds herein authorized and all other bonds payable from said <br />Fund and the interest thereon have been fully paid. There shall <br />be maintained in the Fund two (2) separate accounts, to be <br />designated the "Capital Account" and "Debt Service Account", <br />respectively. <br /> <br /> (i) Capital Account. To the Capital Account there shall be <br />credited the proceeds of the sale of the Bonds, less such amounts <br />thereof as may be directed for deposit into the Debt Service <br />Account in paragraph 16(ii) below, plus any special assessments <br />levied with respect to the Improvements and collected prior to <br />completion of the Improvements and payment of the costs thereof. <br />From the Capital Account there shall be paid all costs and <br />expenses of making the Improvements, including the cost of any <br />construction contracts heretofore let and all other costs <br />incurred and to be incurred of the kind authorized in Minnesota <br />Statutes, Section 475.65; and the moneys in said account shall be <br />used for no other purpose except as otherwise provided by law; <br />provided that the proceeds of the Bonds may also be used to the <br />extent necessary to pay interest on the Bonds due prior to the <br />anticipated date of commencement of the collection of taxes or <br />special assessments levied or covenanted to be levied; and <br />provided further that if upon completion of the Improvements <br />there shall remain any unexpended balance in the Capital Account, <br /> <br />999~9~.~ 18 <br /> <br /> <br />