Laserfiche WebLink
f � • <br /> issued, a statement concerning the Bonds which contains the <br /> information required by Section 149 (e) of the Code. <br /> Article 20 . (a) The proceeds of the Bonds are hereby <br /> appropriated to pay the costs of constructing and equipping the <br /> Facility, with costs incidental thereto and to the issuance of the <br /> Bonds, and interest during construction of the Facility. <br /> (b) When the Bonds herein authorized (temporary bonds <br /> and permanent bonds) have been executed by the County Judge and <br /> County Clerk and the seal of the County impressed, as herein <br /> provided, they shall be delivered to the purchaser upon payment of <br /> the purchase price. The proceeds from the sale of the Bonds shall <br /> be disbursed as follows: <br /> (1) In the case of the temporary bonds the amount <br /> necessary to provide for the payment of interest that will become <br /> due and payable during the construction period shall be deposited <br /> in the Bond Fund and the balance of the proceeds shall be <br /> deposited in a special account of the County designated <br /> "Construction Fund" in a bank that is a member of the FDIC. <br /> (2) In the case of the permanent Bonds the amount <br /> necessary, if any, to pay in full the outstanding principal and <br /> accrued interest to date of payment of any temporary bonds shall be <br /> used for that purpose, the amount, if any, necessary to provide for <br /> the payment of interest during the construction period shall be <br /> • deposited in the Bond Fund, and the balance shall be deposited into <br /> the Construction Fund. Moneys in the Construction Fund in excess <br /> of the amount insured by the FDIC shall be continuously secured by <br /> bonds or other direct or fully guaranteed obligations of the United <br /> States of America, except that any moneys invested as hereafter <br /> authorized need not be so secured. <br /> (3) The moneys in the Construction Fund shall be <br /> disbursed solely in payment of the cost of construction and <br /> equipping of the Facility, paying necessary expenses incidental <br /> thereto, paying expenses of issuing the Bonds and interest on the <br /> Bonds during the construction period. Disbursements shall be on <br /> the basis of County Court orders which shall contain at least the <br /> following information: The person, firm or corporation to whom <br /> payment is being made; the amount of the payment; and the purpose <br /> by general classification of the payment. In the case of any item <br /> of expense over which the consulting engineers shall exercise <br /> supervision, each order shall be accompanied by a certificate <br /> signed by the consulting engineers (or by a representative thereof <br /> designated by the consulting engineers) , certifying approval <br /> thereof. The County shall keep records of all disbursements from <br /> the Constructiton Fund. <br /> March 7. 1997 18 <br />