Agenda - Council - 12/19/2000 - Laserfiche WebLink

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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 wl:~ether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 1.4. Delive. rv;...A~¢lication of Proceeds. The Bonds when so prepared and executed shall be delivered by the Treasurer 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 desig-nated the "General Obligation Taxable Tax ~ncrement Bonds, Series 200 lA Fund" (the "Fund") to be administered and maintained by the Treasurer as a boold<eeping account separate and apart fi'om 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 Bonds and any other general obligation tax increment bonds herear2er 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 desig-nated the "Capital Account" and "Debt Service Account", respectively. (a) Capital Account. To the Capital Account there shall be credited the proceeds of the sale of the Bonds, [ess accrued interest received thereon, less any amount paid for the Bonds in excess ors 1,654,800 and 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 December 15, 2002). From the Capital Account there shall be paid all costs and expenses of the Project, including the cost of any construction contracts heretofore [et and all other costs incurred and to be incurred of the kind authorized in Minnesota Statutes, Section 475.65. The moneys in the Capital Account shall be used for no other purpose except as otherwise provided by law; provided that the proceeds of the Bonds may also be used to the extent necessary to pay interest on the Bonds due pr/or to the receipt of Tax Increments. (b) Debt Servic~ ~hcount. There are hereby irrevocably appropriated and pledged to, and there shall be credited to, the Debt Service Account: (i) 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 accruec[ interest received upon delivery of the Bonds; (iii) ali funds paid for the Bonds in excess of $1,654,800; (iv) capitalized interest in the amount of $ (together with interest earnings thereon and subject to such other adjustments as are appropriate ro provide sufficient funds to pay interest due on the Bonds on or before December 1.5, 2002); (v) any collections of all taxes herein or hereafter levied for the payment of the Bonds and interest thereon; (vi) all funds remaining in the Capital Account after completion of the Project and payment of the costs thereof; (v/j) all investment earnings on funds held in the Debt Service Account; and (viii) any and al1. other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service 1237935.1 17 I I I I I ! I I I I I I I I I I