Agenda - Council - 05/23/2000 - Laserfiche WebLink

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by: BRIGG@ MORGAN ST PAUL Ubl 22~ ~4bU; U~ll~lUU 11:11; N~ ~e lu/~ Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior to the Special Record Date, 13. Treatment of Regislered Owner. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner ofsuch Bond 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 Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 14. Delivery: Al~¢li.cation of Proceeds. The Bonds 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 Tax Increment Bonds, Series 2000B Fund" (the "Fund") to be administered and maintained by the Administrator as a bookkeeping account separate and apart from 8.11 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 Bonds and any other general obligation tax increment bonds hereafter made payable from the Fund and issued for the Project, including any modifications or additions thereto, and the interest thereon have been fully paid. There shall be maintained in the Fund two (2) separate accounts to be designated the "Capital Account" and "Debt Service Account", respectively. (al Capital Account. To the Capital Account there shall be credited the proceeds of the sale of the Bonds, less accrued interest received thereon, less any amount paid for the Bonds in excess of $1,678,050, and less capitalized interest in the amount orS (together with interest earnings thereon and subject to such other adjustments as are appropriate to provide sufficient funds to pay interest due on the Bonds on or before February 1, 2002), From the Capital Account there shall be paid all costs and expenses of the Project, including the cost of any construction contra~ts heretofore let and all other costs incurred and to be incurred of the kind authorized in Minnesota Statmes, Section 475.65. Moneys in the Capital Account shall be used for no other purpose except as otherwise provided by law; provided that thc proceeds of the Bonds may also be used to the ement necessary to pay interest on the Bonds due prior to the anticipated date of commencement of' the collection of taxes herein levied or the receipt of Tax Increments, (b) Debt Service Accou.nt, There are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Debt Service Account: (il Tax Increments in an amount sufficient, together with other sums herein pledged, to pay the annual principal and interest payments on the Bonds; (ii) all accrued interest received upon delivery of the Bonds; (iii) all funds paid for the Bonds in excess of $1,678,050; (iv) capitalized interest in the amount of $ (together with interest earnings thereon and subject to such other adjustments as