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1997-07-02
CITY-OF-BATESVILLE
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1997-07-02
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(4) When the work has been completed, this fact shall be <br /> evidenced by the filing with the depository in which the <br /> Construction Fund is deposited of a certificate signed by the <br /> County Judge, and the consulting engineer ( if any) , which <br /> certificate shall state the date of such completion and shall state <br /> that all obligations which are payable from the Construction Fund <br /> have been discharged. Upon receipt of the above certificate the <br /> depository shall pay or transfer any remaining balance pursuant to <br /> the written direction of the County Judge and with any such <br /> remaining balance to be transferred into the Bond Fund, and applied <br /> immediately to the prepayment of bonds, in multiples of $1 , 000 in <br /> principal amount. Any remaining balance of less than $1 , 000 shall <br /> be deposited in the debt service reserve in the Bond Fund. <br /> Article 21 . (a) Moneys held for the credit of the <br /> Construction Fund may be continuously invested and reinvested in <br /> direct obligations of, or obligations the principal of and interest <br /> on which are fully guaranteed by, the United States Government <br /> ( "Government Obligations") , whichmature or which shall be subject <br /> to redemption by the holder, at the option of such holder, not <br /> later than the date or dates when the moneys will be needed for <br /> proper disbursements. <br /> (b) Moneys held for the credit of the debt service <br /> reserve in the Bond Fund may be invested and reinvested in <br /> Government Obligations which shall be subject to redemption by the <br /> holder thereof, not later than ten (10) years after the date of <br /> • investment. <br /> (c) Moneys held for the credit of the Bond Fund (other <br /> than the debt service reserve) and the Solid Waste Fund may, at the <br /> option of the County, be invested and reinvested by the County in <br /> Government Obligations which shall mature, or which shall be <br /> subject to redemption by the holder thereof at the option of such <br /> holder, not later than the date or dates when the moneys held for <br /> the credit of the particular fund will be required for the purpose <br /> intended. <br /> (d) Obligations so purchased as an investment of moneys <br /> in any such fund shall be deemed at all times to be a part of such <br /> fund, and the interest accruing thereon and any profit realized <br /> from such investment shall be credited to such fund. Earnings on <br /> moneys in the debt service reserve which cause the required level <br /> to be exceeded shall be transferred to the Bond Fund. <br /> (e) Moneys so invested in Government Obligations need <br /> not be secured by the depository bank. <br /> Article 22 . In the event the office of County Judge, <br /> County Clerk or County Treasurer shall be abolished, or any two or <br /> more of such offices shall be merged or consolidated, or in the <br /> u.M,-. Imo, 19 <br />
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