FIN 2021-04-26 Item 1B - Ordinance - Issue Debt for General Fund Portion of Public Safety Plan: Public Works Shops Project

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In case either of the officers who shall have executed any Bond shall cease to be an officer or officers of the City before such Bond so signed shall have been authenticated or delivered by the Bond Registrar, or issued by the City, such Bond may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond may also be signed and attested on behalf of the City by such persons who at the date of the actual execution of such Bond, are the proper officers of the City, although at the original date of such Bond any such person shall not have been such officer of the City. Section 7. Application of Bond Proceeds. Proceeds of the Bonds shall be distributed as follows: (a) Project Fund. Net proceeds of the Project Bond shall be deposited in the Project Fund which is hereby authorized to be created, and used to pay costs of the Project and payment of costs of issuance of such Project Bond as set forth in the closing memorandum for such Project Bond. The Finance Director shall invest money in the Project Fund in such obligations as may now or hereafter be permitted by law to cities of the State and which will mature prior to the date on which such money shall be needed, but only to the extent that the same are acquired, valued and disposed of at Fair Market Value. Upon completion of the Project, any remaining Project Bond proceeds (including interest earnings thereon) may be used for other capital projects of the City or shall be transferred to the Debt Service Fund for the Project Bond. (b) Refunding Plan. For the purpose of realizing a debt service savings, the City proposes to refund and/or defease the Refunded Bonds as set forth herein. If the Designated Representative determines that it is in the best interest of the City to proceed with the refunding authorized herein, the Designated Representative shall designate all or a portion of the Refunding Candidates as Refunded Bonds and such designation shall be set forth in a Bond Purchase Contract or certificate of the City. The Designated Representative is hereby authorized to select the Refunded Bonds from the Refunding Candidates, to establish the Call Date for each series of the Refunded Bonds, to provide or cause to be provided notice of redemption of the Refunded Bonds in accordance with the applicable provisions of the Outstanding Bond Ordinances authorizing the issuance of the Refunded Bonds, and to take any action as determined to be necessary and in the best interest of the City to refund the Refunded Bonds. Net proceeds of any Refunding Bond shall either be remitted to the City or deposited with the Escrow Agent pursuant to the Escrow Agreement, and shall be used immediately upon receipt thereof to defease and/or refund the Refunded Bonds as authorized by the applicable Outstanding Bond Ordinances and to pay costs of issuance of such Refunding Bond as set forth in the closing memorandum for such Refunding Bond. CC:\Legislative Development\LTGO-Refunding Bond 2020—PW facilities 4-20-21 VC:bjs Review and analysis by Barbara Saxton Page 8 of 13 36