Agenda - Council - 03/14/2000 - Laserfiche WebLink

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Date shall be given by the Certificate Registrar to the Holders not less than ten (10) days prior to the Special Record Date. 13. Treatment of Req~stered Owner. The City and Certificate Registrar may treat the person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 12 above) on, such Certificate and for all other purposes whatsoever whether or not such Certificate shall be overdue, and neither the City nor the Certificate Registrar shall be affected by notice to the contrary. 14. D~!_iverv_:_Apolication~f Proceeds. The Certificates when so prepared and executed shall be delivered by the Administrator to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. There is hereby created a special fund to be designated the "General Obligation Capital Equipment Certificates of Indebtedness, Series 2000A Fund" (the "Fund") to be administered and maintained by the Administrator 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 Certificates and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts, to be desi9nated the "Capital Account" and "Debt Service Account", respectively. (a) C_Bap_ital A~coun~. To the Capital Account there shall be credited the proceeds of the sale of the Certificates, less accrued interest received thereon. From the Capital Accounu there shall be paid all costs and expenses of acquiring the Equipment, including the cost of any purchase contracts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65; and the moneys in said account shall be used for no other purpose except as otherwise provided by law~ provided that the proceeds of the Certificates may also be used to the extent necessary to pay interest on the Certificates due prior to the anticipated date of commencement of the collection of taxes herein levied. (b) D~b~ Service..Accoun~. There are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Debt Se~¢ice Account: (i) all accrued interest received upon delivery of the Certificates; (ii) any collections of all taxes herein or hereafter levied for the payment of the Certificates and interest thereon; (iii) all funds remaining in the Capital Account after acquisition of the Equipment and payment of the costs thereof; (iv) all investment earnings on funds held in the