05-27-2003 Council Packet - Laserfiche WebLink

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i 10. There is hereby created a special fund, to be known as the Refunding Bonds of2003 A Fund, for purpose of paying principal and interest on the Bonds, and in the event the principal of and interest upon the said Bonds shall become due and payable and there are insuHlcient moneys in said fund to pay such principal and interest, the City Treasurer is authorized and directed to pay said principal and interest from the general fund and thereafter to reimburse said general fund from collections of special assessments for the Improvements. I'he proceeds of the Bonds herein authorized shall be deposited in a separate Improvements account to be used with other available funds, solely for the redemption of the Prior Bonds on August 1,2003. Any remaining proceeds may be used for any lawful purpose. All future collections of special assessments for the Improvements are hereby irrevocably appropriated and pledged to the payment of principal of and interest on the Bonds herein authorized, and the moneys and investments in the Refunding Bonds of 2003 A Fund shall be used for no other purpose than to pay principal and interest on the Bonds until such principal and interest shall have been paid in full; provided, however, that nothing herein contained shall prevent the issuance and sale of additional bonds payable from the proceeds of such assessments to provide additional funds to pay the balance of the cost of said Improvements. The City is hereby authorized to levy assessments for any of said Improvements for which special assessments have not heretofore been levied. The City Treasurer may create separate accounts within the Refunding Bonds of 2003 A Fund for any capitalized interest and for assessment prepayments. II. It is hereby found and determined that the estimated collection of pledged special assessments will produce at least five percent in excess of the amount needed to meet when due the payments of principal and interest on the Bonds and that no taxes are initially required to be levied; but the Bonds are general obligations of the City to which the full faith, credit and unlimited taxing powers of the City have been and are hereby pledged; and the City Council shall levy general ad valorem taxes on all taxable property in the City, if necessary, to pay the principal of and interest on the Bonds when due. 1 2. The City Clerk is .‘uthorized and directed to prepare and furnish to the purchaser and to the attorneys approving the Bonds, certified copies of all proceedings and records relating to the issuance of said General Obligation Sewer Improvement Refunding Bonds, Series 2003A and to the right, power and authority of the City and its officers to issue the same, and said certified copies and certificates shall be deemed the representations of the City as to all matters stated therein. 1 3. The Official Statement relating to the Bonds, on file in the office of the Clerk and presented to this meeting, is hereby approved and its designation as a “near final” Official Statement for purposes of Rule 1 5c2-1 2 of the Securities and Exchange Commission and the furnishing thereof to prospective purchasers of the Bonds are hereby ratified and confirmed, insofar as the same relates to the Bonds and the sale thereof. The Continuing Disclosure Certificate included in the Ofikial Statement is hereby approved and shall be executed and delivered in connection with the delivery of the Bonds. The Continuing Disclosure Certificate constitutes a contractual obligation in accordance with its terms.