2009/04/15 Council Agenda Packet

to the successful bidder thereof and further to execute all closing certificates and documents required to effect the closing and delivery of the Bonds. (c) Preliminary and Final Official.Statements. The Chief Financial Officer is hereby authorized to deem final the preliminary Official Statement relating to the Bonds for the 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; Refunding Procedures. (a) Reserve Account. The portion of the Improvement Bonds and/or Refunding 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) 2009 Construction Account. The Chief Financial Officer is hereby requested to establish a fund to be designated as the "2009 Bond Funds" (the "2009 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 2009 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 2009 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 Improvement Bonds remaining in the 2009 Construction Account -62- P:120287_CMV 20287_880 03125/09