res_8745 - Laserfiche WebLink

Home

the amounts and numbers of such Bonds, and the date of the holding of the same, may be proved by reference to the bond register. 16. Deliverv: ADDlication of Proceeds. The Global Certificates when so prepared and executed shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 17. Funds and Accounts. There is hereby created a special fund to be designated the "General Obligation Tax Increment Refunding Bonds, Series 1992 Fund" (the "Fund"), to be administered and maintained by the Finance Director as a bookkeeping account separate and apart from all other accounts 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. (i) Escrow Account. The Escrow Account shall be maintained as an escrow account with Norwest Bank Minnesota, National Association (the "Escrow Agent") in Minneapolis, Minnesota, which is a suitable financial institution within the state whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is not less than $500,000. All proceeds of the sale of the Bonds shall be received by the Escrow Agent and applied to fund the Escrow Account or to pay costs of issuing the Bonds. Proceeds of the Bonds not used to pay costs of issuance are hereby irrevocable pledged and appropriated to the Escrow Account, together with all investment earnings thereon. The Escrow Account 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, (i) to pay when due the interest to accrue on each Bond herein authorized to and including February 1, 1994; and (ii) to pay when called for redemption on February 1, 1994, the principal amount of each of the Prior Bonds. From the Escrow Account there shall be paid (1) all interest on the Bonds herein authorized to and including February 1, 1994, (2) the principal of the Prior Bonds due by reason of their call for redemption on February 1, 1994. The Escrow 26957 36