Ord 1983-079 - Laserfiche WebLink

Home Browse Search

to be on deposit in the Interest and Sinking Fund at the time the annual budget is prepared and (ii) the net revenues shown to be on deposit in the Interest and Sinking Fund at the time the annual budget is prepared and (i i i) the net revenues shown to be budgeted and available for payment of such debt service requirements. Following final approval of the City's annual budget, the City Council shall levy an ad valorem tax at a rate sufficient to produce taxes in the amount so determined, to be used for the purpose of paying the principal and interest on the Certificates in the next succeeding fiscal year of the City. Section 18. PROJECT ACCOUNT. The City shall establish in a depository bank a separate account or accounts (herein collectively called the project Account") into which shall be deposited the proceeds from the sale of the Certificates (except accrued interest thereon) and the additional funds, if any, required to assure the payment of all project costs. Moneys in the Project Account shall be expended only for the purposes for which the Certificates have been issued, until such purposes have been accomplished. Money in the Project Account shall be secured by the depository bank in the manner prescribed by statutes relating to the securing of public funds. Where the moneys on deposit in the Project Account exceed the estimated disbursements on account of the Project for the next 90 days, the City may direct the Depository Bank to invest said excess funds in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States Government, which shall mature not later than the date on which such moneys are required for project costs. The earnings from any such investments shall be deposited in the Project Account by the City. All moneys remaining in the Project Account after all costs of the project have been paid shall be promptly used to the extent possible for the redemption of Certificates, and any residue shall be deposited in the account established for the payment of the principal and interest of the Certificates. Section 19. NOTICES TO HOLDERS; WAIVER. Wherever this Ordinance provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and sent by United States Mail, first class postage prepaid, to the address of each Holder as it appears in the Registration Books. In any case where notice to Holders is given by mail, neither the failure to mail such notice to any particular Holders, nor any defect in any notice so mailed, shall affect the sufficiency of such notice with respect to all other Certificates. Where this Ordinance provides for notice in any manner, such notice may be waived in writing by the Holder entitled to receive such notice, either before or after the event with respect to which such notice is given, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Paying Agent/Registrar, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. Section 20. CANCELLATION. All Certificates surrendered for payment, redemption, transfer, exchange, or replacement, if surrendered to the Paying Agent/Registrar, shall be promptly cancelled by it and, if surrendered to the City, shall be delivered to the Paying Agent/Registrar and, if not already cancelled, shall be promptly cancelled by the Paying Agent/Registrar. The City may at any time deliver to the Paying Agent/Registrar for cancellation any Certificates previously certified or registered and delivered which the City may have acquired in any manner whatsoever, and ~ll Certificates so delivered shall be promptly cancelled by the Paying Agent/Registrar. All cancelled Certificates held by the Paying Agent/Registrar shall be destroyed as directed by the City. -12-