2023/04/05 Council Agenda Packet

issuance and sale of bonds. The disbursement of Bond proceeds to pay certain costs of issuance may be made by the Escrow Agent, if any, under the terms set forth in the Cost of Issuance Agreement, if any. (c) Preliminary and Final Official Statements. The Finance Director -Treasurer is hereby authorized to deem final the preliminary Official Statement relating to the Bonds for the purposes of the Rule. The Finance Director -Treasurer is further authorized to ratify and to approve for purposes of the Rule, on behalf of the City, the Official Statement relating to the issuance and sale of the Bonds and the distribution of the Official Statement pursuant thereto with such changes, if any, as may be deemed by her to be appropriate. Section 16. Disposition of Bond Proceeds; Refunding Plan and Procedures. (a) Reserve Account. The portion of the Bonds, if any, designated by the Finance Director -Treasurer shall be deposited into the Reserve Account which shall be, together with the balance therein, sufficient to meet the Reserve Requirement. In the alternative, the portion of Bond proceeds, if any, designated by the Finance Director -Treasurer may be used to pay all or a portion of the cost of purchasing the Surety Bond, if any, to satisfy the Reserve Requirement. (b) 2023 Construction Account. The Finance Director -Treasurer is hereby requested to establish a fund to be designated as the "2023 Bond Funds" (the "2023 Construction Account") within Fund 339 — Water & Sewer System Improvement Projects, into which the balance of the net proceeds of the Improvement Bonds shall be deposited. Money on hand in the 2023 Construction Account shall be used to pay the costs of or reimbursement for the costs of the Projects and costs of issuance of the Bonds. The Finance Director -Treasurer shall invest money in the 2023 Construction Account in such obligations as may now or hereafter be permitted to the City by law and which will mature prior to the date on which such money shall -55- 506242089.1