2004-03-10 CC Meeting - Laserfiche WebLink

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PROVISIONS AS TO REGISTRATION The ownership of the principal of and interest on the within Bond has been registered on the books of the Registrar in the name of the person last noted below. Date of Registration Registered Owner Signature of Recistrar Cede & Co. Federal ill #13-2555119 3.02. The City Clerk is directed to obtain a copy of the proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to be complete except as to dating thereof and to cause the opinion to be printed on or accompany each Bond. Section 4. Payment: Security: Pledges and Covenants. 4.01. (a) The Bonds are payable from the General Obligation Temporary Improvement Bonds, Series 2004A Debt Service Fund (Debt Service Fund) hereby created, and special assessments (Assessments) levied or to be levied for the improvements described in the resolution authorizing the sale of the Bonds (Improvements) financed by the Bonds are hereby pledged to the Debt Service Fund. If a payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the City Clerk is authorized and directed to pay such principal or interest from the general fund of the City, and the general fund will be reimbursed for such advances out of the proceeds of Assessments for the Improvements when collected. There is appropriated to the Debt Service Fund (i) capitalized interest financed from Bond proceeds, if any, (ii) any amount over the minimum purchase price paid by the Purchaser and (iii) the accrued interest paid by the Purchaser upon closing and delivery of the Bonds. (b) The proceeds of the Bonds, less the appropnatlOllS made in paragraph (a), together with any other funds appropriated for the Improvements and Assessments collected during the construction of the Improvements will be deposited in a separate construction fund (which may contain separate accounts for each Improvement) to be used solely to defray expenses of the Improvements and the payment of principal and interest on the Bonds prior to the completion and payment of all costs of the Improvement. Any balance remaining in the construction fund after completion of the Improvements may be used to pay the cost in whole or in part of any other improvement instituted under the Act. When the Improvements are completed and the cost thereof paid, the construction account is to be closed and subsequent collections of Assessments for the Improvements are to be deposited in the Debt Service Fund. 4.02. It is determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time ofthe Bonds as follows: SJB-244761)v\ CE155-22