Laserfiche WebLink
Date shall be given by the Certificate Registrar to the Holders <br />not less than ten (10) days prior to the Special Record Date. <br />13. Treatment of Registered Owner. The City and <br />Certificate Registrar may treat the person in whose name any <br />Certificate is registered as the owner of such Certificate for <br />the purpose of receiving payment of principal of and premium, if <br />any, and interest (subject to the payment provisions in paragraph <br />12 above) on, such Certificate and for all other purposes <br />whatsoever whether or not such Certificate shall be overdue, and <br />neither the City nor the Certificate Registrar shall be affected <br />by notice to the contrary. <br />14. Delivery; Application of Proceeds. The <br />Certificates when so prepared and executed shall be delivered by <br />the Administrator to the Purchaser upon receipt of the purchase <br />price, and the Purchaser shall not be obliged to see to the <br />proper application thereof. <br />15. Fund and Accounts. There is hereby created a <br />special fund to be designated the "General Obligation Capital <br />Equipment Certificates of Indebtedness, Series 2000A Fund" (the <br />"Fund ") to be administered and maintained by the Administrator as <br />a bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The <br />Fund shall be maintained in the manner herein specified until all <br />of the Certificates and the interest thereon have been fully <br />paid. There shall be maintained in the Fund two (2) separate <br />accounts, to be designated the "Capital Account" and "Debt <br />Service Account ", respectively. <br />(a) Capital Account. To the Capital Account there shall <br />be credited the proceeds of the sale of the Certificates, less <br />accrued interest received thereon. From the Capital Account <br />there shall be paid all costs and expenses of acquiring the <br />Equipment, including the cost of any purchase contracts <br />heretofore let and all other costs incurred and to be incurred of <br />the kind authorized in Minnesota Statutes, Section 475.65; and <br />the moneys in said account shall be used for no other purpose <br />except as otherwise provided by law; provided that the proceeds <br />of the Certificates may also be used to the extent necessary to <br />pay interest on the Certificates due prior to the anticipated <br />date of commencement of the collection of taxes herein levied. <br />(b) Debt Service Account. There are hereby irrevocably <br />appropriated and pledged to, and there shall be credited to, the <br />Debt Service Account: (i) all accrued interest received upon <br />delivery of the Certificates; (ii) any collections of all taxes <br />herein or hereafter levied for the payment of the Certificates <br />and interest thereon; (iii) all funds remaining in the Capital <br />Account after acquisition of the Equipment and payment of the <br />costs thereof; (iv) all investment earnings on funds held in the <br />1146366.1 <br />16 <br />