CC_Minutes_1968_0729 - Laserfiche WebLink

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6. The Village Clerk is directed to cause said bond~ to be prcpar8d and the Mayor and Clerk arc authorized and cUrcctccl to execute the snlD8, each bond to be executed by the :L'aci:d.rni1e signature of one such officer cmc1 the manual signnture of the other, and to cause said coupons to be executed and authcnt:icatecl by the printed, encraved or Ijth- ogra.phed facsimile signatures of said officers, and a facs:Lmile of the corporate senl of the Village to be printed on each bond. 7. ~"he said bonds vJhen so prepared and executed shall be delivered by the Treasurer to the purchaser there- of upon receipt of the purchase price, and the said purehaser shall not be obliged to see to the proper application thereof. The proceeds from the sale of said bonds will be used to acquire, construct and furnish an ice arena, a public conven- ience from which a revenue may be derived. 8. There is hereby created a special fund to be designated lIGeneral ObliGat:Lon Ice Arena Hevcnue Bond Fundll to be held and admin:Lstered by the V:Lllage Treasurer fJcparate and apart from all other funds of the V:Lllage. Said fund shall be maintained in the manner herein specified until all of the bonds herein author:Lzed and the interest thereon have been fully pa:Ld. In said fund there shall be maintained two separate accounts, to be designated as the lIConstruction Account!' and the lIS:Lnk:Lng Fund J\ccount," respectively. The proceeds of the sale of the bonds herein authorized, less accrued interest received thereon, shall be credited to the Construction Account, from which there shall be paid all costs and expenses of ac- quiring, constructing and furnishing of the ice arena in the Village, including the costs of construction contracts hereto- fore let and all other costs incurred and to be incurred and the moneys in said account shall be used for no other purpose, provided that if upon completion of said acquisition, con- struction and furnishing there shall remain any unexpended balance in said Construction Account, said balance shall be transferred by the Council to the Sinking Fund Account. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of taxes herein levied, all accrued interest received upon delivery of said bonds, and all funds remaining in said Construction Account after completion of the acquisition, construction and furnishing of said ice arena and payment of the costs thereof. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. -6- .~