Ordinance 2557-01 - Laserfiche WebLink

The City may request an extension of the termination date of the Letter of Credit or may provide for the delivery of an Alternate Credit Facility prior to the Expiration Date of the Credit Facility, or upon the Fixed Rate Conversion Date. Section 5.03. Enforcement of Rights. The Registered Owner of each of the Bonds or a trustee for the Registered Owners of any of the Bonds or the Bank may by mandamus or other appropriate proceeding require the transfer and payment of money as directed in this ordinance. Section 5.04. Capital Improvement Fund; Disposition of Bond Proceeds. There has heretofore been established a special fund of the City known as the "Capital Improvement Fund " (the "Capital Improvement Fund"). Money in the Capital Improvement Fund shall be held and applied to pay costs of the Projects and all costs incident thereto, including but not limited to engineering, architectural, planning, financial, legal, urban design or any other incidental costs, and to repay any advances heretofore or hereafter made on account of such costs, provided that if deficiencies exist in the Bond Fund, money in Capital Improvement Fund may be transferred to the Bond Fund in such amounts as shall be necessary to pay principal and interest on the Bonds. The proceeds of the Bonds shall be applied as follows: (1) All interest, if any, on the Bonds accrued from their date to the date of delivery shall be paid into the Bond Fund; (2) The balance of the proceeds of the Bonds shall be deposited in the Capital Improvement Fund and applied as provided above. All or part of the proceeds of the Bonds may be temporarily invested in or with such institutions or in such obligations as may now or hereafter be permitted to counties of the State of Washington by law that will mature prior to the date on which such money shall be needed. -44- P\CMW\CMW4ZL 11/20/01