951 - Laserfiche WebLink

Home Browse Search

M low -24- cm Section 23. When the Bonds have been executed and the seal of the City impressed or printed thereon as herein provided, the Bonds shall be delivered to the Trustee and the Trustee shall authenticate them and deliver them to the Pur- chasers upon payment in cash of the purchase price of $551,722.50 plus accrued interest from the date of the Bonds to the date of delivery (the "total sale proceeds"). The Trustee shall handle the total sale proceeds as follows: (1) The Trustee shall deposit in the Bond Fund - Interest Account the accrued interest. (2) The Trustee shall deposit in the Bond Fund - Interest Reserve Account the sum of $50,000. Moneys in the Bond Fund - Interest Reserve Account shall be used to the extent necessary for the payment as due of interest on the Bonds. (3) The Trustee shall deposit the remainder of the total sale proceeds in a special account of the City desig- nated "Sanitation Facilities Construction Fund" (the "Construc- tion Fund") in a bank or banks designated by the City which must be members of the Federal Deposit Insurance Corporation. The moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Corporation must be continu- ously secured by bonds or other direct or fully guaranteed obligations of the United States of America unless invested as authorized in this Ordinance. The moneys in the Construc- tion Fund shall be disbursed solely in payment of the costs of accomplishing the Improvements and paying necessary expenses incidental thereto. Disbursements shall be made on the basis of checks or requisitions which shall contain at least the following information: the person to whom payment is being made; the amount of the payment; and the purpose of.the payment. Each check or requisition must be signed by at least two rep- resentatives of the City which shall be identified to the de- pository or depositories of the Construction Fund and a specimen