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2002-10-09 CC Packet
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2002-10-09 CC Packet
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<br />Section 4, <br /> <br />Pavment: Security: Pledges and Covenants, <br /> <br />4,01. (a) The Bonds are payable from the Improvement Bonds of 2002 Debt Service <br />Fund (Debt Service Fund) hereby created, and the proceeds of special assessments <br />(Assessments) levied or to be levied for the Improvements described in Section 1.01 financed by <br />the Bonds are hereby pledged to the Debt Service Fund, If a payment of principal or interest on <br />the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the <br />same, the City Clerk is directed to pay such principal or interest from the general fund of the <br />City, and the general fund will be reimbursed for the advances out of the proceeds of <br />Assessments when collected, There is app~opriated to the Debt Service Fund (i) capitalized <br />interest financed from Bond proceeds, if any, (ii) any amount over the minimum purchase price <br />paid by the Purchaser, and (iii) the accrued interest paid by the Purchaser upon closing and <br />delivery of the Bonds, <br /> <br />(b) The proceeds of the Bonds, less the appropnatlons made in paragraph (a), <br />together with any other funds appropriated for the Improvements and Assessments collected <br />during the construction of the Improvements will be deposited in a separate construction fund <br />(which may contain separate accounts for each Improvement) to be used solely to' defray <br />expenses of the Improvements and the payment of principal and interest on the Bonds prior to <br />the completion and payment of all costs of the Improvement. Any balance remaining in the <br />construction fund after completion of the Improvements may be used to pay the cost in whole or <br />in part of any other improvement instituted under the Act, When the Improvements are <br />completed and the cost thereof paid, the construction account is to be closed and subsequent <br />collections of Assessments for the Improvements are to be deposited in the Debt Service Fund, <br /> <br />4,02, It is hereby determined that the Improvements will directly and indirectly benefit <br />abutting property, and the City hereby covenants with the holders from time to time of the Bonds <br />as follows: <br /> <br />(a) The City has caused or will cause the Assessments for the Improvements <br />to be promptly levied so that the first installment will be collectible not later than 2003 <br />and will take all steps necessary to assure prompt collection, and the levy of the <br />Assessments is hereby authorized, The City Council will cause to be taken with due <br />diligence all further actions that are required for the construction of each Improvement <br />financed wholly or partly from the proceeds of the Bonds, and will take all further actions <br />necessary for the final and valid levy of the Assessments and the appropriation of any <br />other funds needed to pay the Bonds and interest thereon when due, <br /> <br />(b) In the event of any current or anticipated deficiency in Assessments, the <br />City Council will levy ad valorem taxes in the amount of the current or anticipated <br />deficiency, <br /> <br />(c) The City will keep complete and accurate books and records showing: <br />receipts and disbursements in connection with the Improvements and Assessments levied <br /> <br />SJB-219247vl <br />CE155.19 <br />
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