2009-09-23 CC Packet - Laserfiche WebLink

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9.02. The Clerk-Treasurer of the City shall obtain a copy of the proposed approving legal opinion of Bradley & Deike, P .A., Edina, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, together with a certificate to be signed by the facsimile signature of the Clerk in substantially the form set forth in the form of Bond. The Clerk is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City's offices. Section 10. Funds and Accounts. There is hereby created a special fund to be designated the "General Obligation Improvement Crossover Refunding Bonds, Series 2009B Fund" (the "Fund") to be administered and maintained by the City Clerk as a bookkeeping account separate and apart from all other funds maintained in the official financial records of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be designated the "Escrow Account" and "Debt Service Account" respectively. $ of the proceeds of the sale of the Bonds are hereby pledged and appropriated and shall be credited to the Escrow Account. 10.01 Escrow Account. The Escrow Account shall be deposited in escrow with Northland Trust Services, Inc. (the "Escrow Agent") in Minneapolis, Minnesota, a suitable banking institution within the State of Minnesota, whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000, and 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, to pay the principal amount of each of the 2006 Bonds being advanced refunded pursuant to this Resolution at maturity or on the date on which it has been called for redemption and to pay any premium required for redemption on such date, and the monies in said Escrow Account shall be used solely for the purposes herein set forth and for no other purpose, except that any surplus in said Escrow Account after payment in full of the 2006 Bonds may be remitted to the City, all in accordance with an agreement (the "Escrow Agreement"), between the City and Escrow Agent, a form of which agreement will be on file in the office of the City Clerk. 10.02. Debt Service Account. There shall be maintained a Debt Service Account to be designated the "Debt Service Account". There are hereby irrevocably appropriated and pledged to, and there shall be credited to the Debt Service Account: (1) any proceeds of the Bonds not used to pay the City's costs of constructing the Project or to pay the cost of issuance of the Bonds; (2) special assessment payments pledged to the payment of the Bonds pursuant to Section 12 hereof; and (3) general fund moneys and tax levy receipts in each year sufficient to pay the debt service due on the Bonds in each year. The moneys in the Debt Service Account shall be used solely to pay the principal of and interest on the Bonds until such Bonds are paid in full. No portion of the proceeds of the Bonds shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except (1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds were issued and (2) in addition to the above, in an amount not greater than the lesser of five percent (5%) of the proceeds of the Bonds, or 17 25