Ordinance 3211-11 - Laserfiche WebLink

purposes of the Rule. The Chief Financial Officer 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 17. Disposition of Bond Proceeds. (a) Reserve Account. The portion of the Bonds, if any, designated by the Chief Financial Officer shall be deposited into the Reserve Account which shall be, together with the balance therein, sufficient to meet the Reserve Requirement. (b) 2011 Construction Account. The Chief Financial Officer is hereby requested to establish a fund to be designated as the "2011 Bond Funds" (the "2011 Construction Account") within Fund 339 — Water & Sewer System Improvement Projects, into which the balance of the net proceeds of the Bonds shall be deposited. Money on hand in the 2011 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 Chief Financial Officer shall invest money in the 2011 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 be needed. Any part of the proceeds of the Bonds remaining in the 2011 Construction Account after all costs of the Projects have been paid (including costs of issuance) shall be transferred to the Revenue Bond Fund for the uses and purposes therein provided. Section 18. Undertaking to Provide Ongoing Disclosure.The Chief Financial Officer is hereby authorized to enter into a written undertaking for the benefit of the owners of the Bonds as required by Section (b)(5) of the Rule (the "Continuing Disclosure Agreement"). The City is -60- P:\20287 CMW\20287 960 02/07/11