Laserfiche WebLink
(2) The Trustee shall deposit the amount necessary to <br /> refund 1976 Bonds and the 1978 Bonds into a special trust account <br /> for the retirement of the 1976 Bonds and the 1978 Bonds. <br /> (3) The Trustee shall deposit the sum of $607 , 500 into <br /> the Debt Service Reserve. <br /> (4) The Trustee shall pay such costs of issuance of the <br /> Series 1991 Bonds as shall be specified in the letter of delivery <br /> instructions. <br /> (5) The Trustee shall remit the balance to the City for <br /> deposit in a special account in the name of the City designated <br /> "Waterworks Revenue Construction Fund" ("Construction Fund") in <br /> a bank or banks selected by the City. The moneys in the <br /> Construction Fund in excess of the amount insured by the FDIC shall <br /> be continuously secured by Government Securities (though any moneys <br /> invested as hereafter authorized need not be so secured) . The <br /> moneys in the Construction Fund shall be disbursed solely in <br /> payment of the costs of accomplishing the Improvements, paying <br /> necessary expenses incidental thereto and paying expenses of <br /> issuing the Series 1991 Bonds not paid by the purchasers. <br /> Disbursements shall be on the basis of checks or requisitions which <br /> shall contain at least the following information: the person to <br /> whom payment is being made; the amount of the payment; and the <br /> purpose by general classification of the payment. Each check or <br /> requisition must be signed by the Manager of the System and one <br /> other person designated by the Commission and in the case of all <br /> items of expense over which the consulting engineer shall exercise <br /> supervision (which shall include all expenses except engineering <br /> fees, legal fees, and expenses pertaining to the issuance of the <br /> Series 1991 Bonds) each check or requisition shall be accompanied <br /> by a certificate signed by the consulting engineer certifying <br /> approval thereof. In the case of requisitions, the depository <br /> shall issue its check upon the Construction Fund payable to the <br /> person, firm or corporation designated in the requisition. The <br /> depository of the Construction Fund shall be required to keep <br /> accurate records as to all payments made on the basis of <br /> requisitions, and the Commission of the City shall be required to <br /> keep accurate records of all payments made on the basis of checks. <br /> When the Improvements have been completed and all <br /> required expenses paid and expenditures made from the Construction <br /> Fund for and in connection with the accomplishment of the <br /> improvements and the financing thereof, this fact shall be <br /> evidenced by a certificate signed by the Manager of the System and <br /> by the consulting engineer, which certificate shall state, among <br /> other things, the date of the completion and that all obligations <br /> payable from the Construction Fund have been discharged. A copy of <br /> the certificate shall be filed with the depository of the <br /> Construction Fund, and a copy with the Trustee, and upon receipt <br /> thereof the depository of the Construction Fund shall transfer any <br /> remaining balance to the Bond Fund. Moneys so transferred shall be <br /> f <br /> tcvaY\mtc,.mz -25- <br />