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the same had continued to be such officers of the City. The Bond may also be signed <br />and attested on behalf of the City by such persons who at the date of the actual <br />execution of the Bond, are the proper officers of the City, although at the original date <br />of such Bond any such person shall not have been such officer of the City. <br />Section 7. Application of Bond Proceeds. Proceeds of the Bond shall be <br />distributed as follows: <br />(a) The amount necessary to pay or prepay the outstanding principal of and <br />interest on the Note on the date of maturity or prepayment, respectively, plus any <br />prepayment penalties or related fees, shall be deposited into the Note Account (as <br />defined in the Note Ordinance) and shall be used within 30 days of the issuance of the <br />Bond to redeem the Note in accordance with its terms. After the Note is paid in full, the <br />Note shall be cancelled and delivered to the City. <br />(b) The remaining proceeds of the Bond shall be used by the City to pay costs of <br />issuance of the Bond or shall be deposited into the Debt Service Fund. <br />(c) The Finance Director is hereby authorized to select the date of prepayment (if <br />any) and to call the Note for prepayment prior to maturity on such date in accordance <br />with the terms of the Note Ordinance. The Finance Director and the appropriate City <br />officials are further authorized to execute such documents and to take such actions as <br />necessary to pay or prepay the Note in accordance with its terms and this ordinance. <br />Section 8. Pledge of Funds and Credit; General Obligation. <br />(a) The City hereby authorizes the creation of a fund or account to be used for the <br />payment of debt service on the Bond (the "Debt Service Fund"). No later than the date <br />each payment of principal of or interest on the Bond becomes due, the City shall <br />transmit sufficient funds, from the Debt Service Fund or from other legally available <br />sources, to the Registered Owner for the payment of such principal or interest. Money <br />in the Debt Service Fund may be invested in legal investments for City funds. <br />(b) The City hereby irrevocably covenants and agrees for as long as the Bond is <br />outstanding and unpaid that each year it will include in its budget and levy an ad <br />valorem tax upon all the property within the City subject to taxation in an amount that <br />will be sufficient, together with other revenues and money of the City legally available <br />for such purposes, to pay the principal of and interest on the Bond when due. <br />(c) The City hereby irrevocably pledges that the annual tax provided for herein to <br />be levied for the payment of such principal and interest shall be within and as a part of <br />the tax levy permitted to cities without a vote of the people, and that a sufficient portion <br />of each annual levy to be levied and collected by the City prior to the full payment of the <br />principal of and interest on the Bond will be and is hereby irrevocably set aside, pledged <br />and appropriated for the payment of the principal of and interest on the Bond. The full <br />faith, credit and resources of the City are hereby irrevocably pledged for the annual levy <br />and collection of said taxes and for the prompt payment of the principal of and interest <br />on the Bond when due. <br />W: Word Processing\Ordinances\LTGO Bond -2017 Cashmere Valley Bank 10-10-17 <br />PM:bjs <br />10 <br />Page 6 of 8 <br />