Laserfiche WebLink
private developers; provided that such guarantee payments shall <br /> not be used to pay principal and interest on the Bonds in any <br /> calendar year without an opinion of Bond Counsel being obtained <br /> that states that the use of guarantee payments to pay principal <br /> and interest on the Bonds does not impair the tax exempt status <br /> of the Bonds; (3) any other unexpended monies pledged to the Debt <br /> Service Account of the Prior Bonds pursuant to the Prior <br /> Resolution (unless used to fund the Escrow Account) ; (4) all <br /> accrued interest received upon delivery of the Bonds (unless used <br /> to fund the Escrow Account) ; (5) any unused discount (unless used <br /> to fund the Escrow Account) - (6) any collections of all taxes <br /> which may hereafter be levied in the event that the tax <br /> increments herein pledged to the payment of the principal and <br /> interest on the Bonds are insufficient therefore; (7) all <br /> investment earnings on funds in the Debt Service Account - and (8) <br /> any and all other moneys which are properly available and are <br /> appropriated by the governing body of the City to the Debt <br /> Service Account . The amount of any surplus remaining in the Debt <br /> Service Account when the Bonds and interest thereon are paid <br /> shall be used consistent with the Minnesota Statutes, Section <br /> 475 . 61, Subdivision 4 . <br /> The moneys in the Debt Service Account shall be used solely to <br /> P a y the principal of and interest on the Bands or any other bonds <br /> hereafter 'issued and made payable from the Fund. No portion of <br /> the proceeds of the Bonds shall be used directly or indirectly to <br /> investments or to re <br /> acquire higher yielding invest lace funds which p <br /> were used directly or indirectly to acquire higher yielding <br /> investments, except (1) for a reasonable temporary period until <br /> such p roceeds are needed for the purpose for which the Bonds were <br /> issued, and ( ) in addition to the above, in an amount not <br /> neater than the lesser of five percent (5 k) of the proceeds of <br /> the Bonds or $100, 000 . To this effect, any proceeds of the Bands <br /> and any sums from time a to time held in the Fund (or any other <br /> ��� interest t� <br /> City account which will be sued to pay principal <br /> become due on the Bands) in excess of amounts which under the <br /> applicable federal arbitrage regulations may be invested without <br /> regard as to field shall not be invested in excess of - the appli- <br /> cable y� ield y restrictions imposed by the arbitrage r rbitra a e lations on such investments after taking into account any applicable <br /> "temporary periods" or "minor portion" made available under the <br /> federal arbitrage regulations . In addition, the proceeds of the <br /> Bonds and mone y in the Fund shall not be ingested in obligations <br /> or deposits issued by, guaranteed by or insured by the United <br /> States or an y agency or instrumentality thereof if and to the <br /> extent that such investment would cause the Bonds to be <br /> "federally guaranteed" within the meaning of Section 149 (b) of <br /> the federal Internal Revenue Code of 1986, as amended (the <br /> "Code" ) <br /> , <br /> 906107.01 22 <br />