Laserfiche WebLink
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 revenues <br />from the Ice Arena. <br /> <br /> (ii) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, the <br />Debt Service Account: (a) $ of the proceeds of the <br />Bonds, all to be used to pay the interest first coming due <br />thereon; (b) the "Gross Revenues" (hereinafter defined) of the <br />Ice Arena, but only at such times and in such amounts as may be <br />required, when combined with other monies available in the Debt <br />Service Account for such purposes, to pay the principal of and <br />interest on the Bonds, when due; (c) all collections of any taxes <br />hereafter levied for the payment of the Bonds and interest <br />thereon; (d) all funds remaining in the Capital Account after <br />completion of the Ice Arena and payment of the costs thereof; (e) <br />all investment earnings on funds held in the Debt Service <br />Account; and (f) any and all other moneys which are properly <br />available and are appropriated by the Council to the Debt Service <br />Account. The Debt Service Account shall be used solely to pay <br />the principal and interest and any premiums for redemption of the <br />Bonds. As in this Resolution, "Gross Revenues" means all revenue <br />derived by the City, from whatever source, from its operation of <br />the Ice Arena. <br /> <br /> No portion of the proceeds of the Bonds shall be used <br />directly or indirectly to acquire higher yielding investments or <br />to replace funds which were used directly or indirectly to <br />acquire higher yielding investments, except (1) for a reasonable <br />temporary period until such proceeds are needed for the purpose <br />for which the Bonds were issued and (2) in addition to the above <br />in an amount not greater than the lesser of five percent (5%) of <br />the "Sale Proceeds" of the Bonds (being the "issue' price" of the <br />Bonds less accrued interest). To this effect, any proceeds of <br />the Bonds and any sums from time to time held in the Capital <br />Account or Debt Service Account in excess of amounts which under <br />then-applicable federal arbitrage regulations may be invested <br />without regard to yield shall not be invested at a yield in <br />excess of the applicable yield restrictions imposed by said <br />arbitrage regulations on such investments after taking into <br />account any applicable "temporary periods" or "minor portion" <br />made available under the federal arbitrage regulations. Money in <br />the Fund shall not be invested in obligations or deposits issued <br />by, guaranteed by or insured by the United States or any agency <br />or instrumentality thereof if and to the extent that such <br />investment would cause the Bonds to be "federally guaranteed" <br />within the meaning of Section 149(b) of the federal Internal <br />Revenue Code of 1986, as amended (the "Code"). <br /> <br />32&502.1 1 0 <br /> <br /> <br />