2024-01-18-AGENDA-Special - Laserfiche WebLink

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account of the City created with the Trustee and designated "2024A Cost of Issuance Fund" (the "2024A Cost of Issuance Fund"). (b) When the Series 2024B Bonds have been executed and sealed as herein provided, they shall be delivered to the Trustee, which shall authenticate them and deliver them to or at the direction of the Purchaser upon payment of the 2024B Purchase Price. Unless paid by the Purchaser as part of the 2024B Purchase Price, the amount necessary to pay the portion of the premium for the Insurance Policy for the Series 2024B Bonds shall be paid to the Insurer. The amount necessary to fund a portion of the Debt Service Reserve Account shall be deposited into the Debt Service Reserve Account in the Bond Fund. The amount necessary to pay the expenses of issuing the Series 2024B Bonds as set forth in the delivery instructions to the Trustee signed by the Mayor and City Clerk (the "Delivery Instructions") shall be deposited into a special account of the City created with the Trustee and designated "2024B Cost of Issuance Fund" (the "2024B Cost of Issuance Fund"). The balance of the 2024B Purchase Price shall be deposited in a special account of the City hereby created with the Trustee and designated the "2024B Construction Fund" (the "Construction Fund"). The moneys in the Construction Fund shall be used for accomplishing the Improvements, paying expenses incidental thereto and paying the expenses of issuing the Series 2024B Bonds. Moneys in the Construction Fund shall also be used to pay the principal of and interest on the Series 2024B Bonds when due if moneys in the Bond Fund are not sufficient for that purpose. Disbursements shall be made from the Construction Fund on the basis of requisitions which shall specify: the name of the person, firm or corporation to whom payment is to be made; the amount of the payment; the purpose of the payment and that the payment is a proper charge on the Construction Fund. Each requisition must be signed by the Mayor and the City Clerk. The Trustee shall keep accurate records of all payments made on the basis of requisitions. When the Improvements have been completed and all required expenses paid and expenditures made from the Construction Fund for and in connection with the accomplishment of the Improvements and the financing thereof, this fact shall, if there are any moneys in the Construction Fund, be evidenced by a certificate signed by the Mayor, which certificate shall state, among other things, the date of the completion and that all obligations payable from the Construction Fund have been discharged. A copy of the certificate shall be filed with the Trustee, and upon receipt thereof the Trustee shall transfer any remaining balance into the Redemption Account in the Bond Fund. Proceeds of the Series 2024B Bonds deposited into the Redemption Account shall only be used to redeem Series 2024B Bonds. Section 17. (a) Moneys held for the credit of the Construction Fund, the 2024A Cost of Issuance Fund and the 2024B Cost of Issuance Fund may be invested and reinvested at the direction of the City, and in the Trustee's discretion in the absence of any direct instructions from the City, in Permitted Investments (as hereinafter defined) or other investments permitted by State law, which shall mature, or which shall be subject to redemption by the holder thereof, at the option of such holder, not later than the date or dates when such money will be required for the purposes intended. 25