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2007-11-14 CC Packet - Set Agenda
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2007-11-14 CC Packet - Set Agenda
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<br />9.02. The City Administrator of the City shall obtain a copy of the proposed approving <br />legal opinion of Bradley & Deike, P .A., Edina, Minnesota, which shall be complete except as to <br />dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate <br />to be signed by the facsimile signature of the City Clerk in substantially the form set forth in the <br />form of Bond. The City Clerk is hereby authorized and directed to execute such'certificate in the <br />name of the City upon receipt of such opinion and to file the opinion in the City's offices. <br /> <br />Section 10. Funds and Accounts. There is hereby created a special fund to be <br />designated the "General Obligation Improvement Bonds, Series 2007 A Fund" (the "Fund") to be <br />adminimered and maintained by the City Finance Director as a bookkeeping account separate <br />and apart from all other funds maintained in the official financial records of the City. The Fund <br />shall be maintained in the manner herein specified until all of the Bonds and the interest thereon <br />have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be <br />designated the "Construction Account" and "Debt Service Account" respectively. <br /> <br />10.01 Proiect Account. To the Construction Account there shall be credited an <br />amount of the proceeds of the Bonds necessary to pay the City's costs of issuance of the Bonds <br />and constructing the Project. After payment of all such costs, any Bond proceeds remaining on <br />hand in the Construction Account shall be transferred to the Debt Service Account. <br /> <br />10.02. Debt Service Account. There shall be maintained a Debt Service Account to be <br />designated the "Debt Service Account". There are hereby irrevocably appropriated and pledged <br />to, and there shall be credited to the Debt Service Account: (1) any proceeds of the Bonds not <br />used to pay the City's costs of constructing the Project or other improvement projects or to pay <br />the cost of issuance of the Bonds; and (2) general fund moneys and tax levy receipts in each year <br />sufficient to pay the debt service due on the Bonds in each year; and (3) special assessment <br />receipts and fees and charges pledged pursuant to section 11 of this Resolution. The moneys in <br />the Debt Service Account shall be used solely to pay the principal of and interest on the Bonds <br />until such Bonds are paid in full. <br /> <br />No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire <br />higher yielding investments or to replace funds which were used directly or indirectly to acquire <br />higher yielding investments, except (1) for a reasonable temporary period until such proceeds are <br />needed for .the purpose for which the Bonds were issued and (2) in addition to the above, in an <br />amount not greater than the lesser of five percent (5%) of the proceeds of the Bonds, or <br />$100,000. To this effect, any proceeds of the Bonds and any sums from time to time held in the <br />Project Account, or Debt Service Account (or any other City account which will be used to pay <br />principal or interest to become due on the bonds payable therefrom) in excess of amounts which <br />under then-applicable federal arbitrage regulations may be invested without regard to yield shall <br />not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage <br />regulations on such investments after taking into account any applicable "temporary periods" or <br />"minor portion" made available under the federal arbitrage regulations. Money in the fund shall <br />not be invested in obligations or deposits issued by, guaranteed by or insured by the United <br />States or any agency or instrumentality thereof if and to the extent that such investment would <br />cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the federal <br />Internal Revenue Code of 1986, as amended (the "Code"). <br /> <br />17 <br />
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