5.2.B. SR 01-22-2008 - Laserfiche WebLink

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and Maintenance Account heretofore established by the City shall continue to be maintained in the manner heretofore provided by the City. All moneys remaining after paying or providing for the items set forth in the resolution establishing the Operation and Maintenance Account shall constitute or are referred to as "net revenues" until the Bonds and the Outstanding Bonds have been paid. There shall be maintained in the Fund the following separate accounts to which shall be credited and debited all income and disbursements of the System as hereinafter set forth. The Finance Director and all officials and employees of the City concerned therewith shall establish and maintain financial records of the receipts and disbursements of the System in accordance with this resolution. In such records there shall be established accounts or accounts shall continue to be maintained as the case may be, of the Fund for the purposes and in the amounts as follows: (a) Redemption Account. $ in proceeds of the sale of the Prior 1998 Refunding Portion of the Bonds shall be deposited in the Debt Service Account heretofore created by the Prior 1998 Resolution for the Prior 1998 Bonds in the General Obligation Water Revenue Bonds, Series 1998B Fund (the "Redemption Fund"), which amount, together with all other funds held therein is sufficient to prepay the Prior 1998 Refunding Portion of the Bonds on March 1, 2008 (the "Call Date"). (b) Escrow Account. The Escrow Account is established for the Refunded 2001 Bonds and the Prior 2001 Refunding Portion of the Bonds and shall be maintained as an escrow account with U.S. Bank National Association (the "Escrow Agent"), in St. Paul, Minnesota, which is a suitable financial institution within or without the State whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000. $ in proceeds of the sale of the Prior 2001 Refunding Portion of the Bonds shall be received by the Escrow Agent and applied to fund the Escrow Account or to pay costs of issuing the Prior 2001 Refunding Portion of the Bonds. Proceeds of the Prior 2001 Refunding Portion of the Bonds not used to pay costs of issuance are hereby irrevocably pledged and appropriated to the Escrow Account, together with all investment earnings thereon. The Escrow Account shall be invested in securities maturing or callable at the option of the holder on such dates and bearing interest at such rates as shall be required to provide sufficient funds, together with any cash or other funds retained in the Escrow Account, (i) to pay when due the interest to accrue on the Prior 2001 Refunding Portion of the Bonds to and including the Crossover Date; and (ii) to pay when called for redemption on the Crossover Date, the principal amount of the Refunded 2001 Bonds. The Escrow Account shall be irrevocably appropriated to the payment of (i) all interest on the Prior 2001 Refunding Portion of the Bonds to and including the Crossover Date, and (ii) the principal of the Refunded 2001 Bonds due by reason of their call for redemption on the Crossover Date. The moneys in the Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that any surplus in the Escrow Account may be remitted to the City, all in accordance with an agreement (the "Escrow Agreement") by and between the City and Escrow Agent, a form of which agreement is on file in the office of the Administrator. Any moneys remitted to the City upon termination of the Escrow Agreement shall be deposited in the Debt Service Account. (c) Payment Account. There shall be deposited in the Payment Account $ of remaining Bond proceeds which shall be used to pay the costs of issuing the zn6oo~~i 16