Ordinance 2870-05 - Laserfiche WebLink

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. The City's Chief Financial Officer is hereby further authorized to negotiate the terms of Qualified Insurance in the form of a surety bond for the purpose of satisfying all or any portion of the Reserve Requirement and to execute such further documents and certificates as shall be necessary in connection therewith, as described in Section 17 of this ordinance. Section 16. Disposition of Bond Proceeds. The net proceeds of sale of the Bonds representing accrued interest, if any, shall be deposited into the 2005 Debt Service Account and shall be used to pay interest on the Bonds coming due on December 1, 2005. The proceeds of the sale of the Bonds, if any, designated for deposit into the Reserve Account, shall be deposited into the Reserve Account in satisfaction of the Reserve Requirement. The remaining net proceeds of sale of the Bonds received by the City (exclusive of Underwriter's discount and the premium for the Bond Insurance Policy, if any) shall be deposited in the 2005 Construction Account, and shall be expended solely to pay the cost of issuing and selling the Bonds, the costs of purchasing a surety bond to fund all or any portion of the Reserve Requirement and, together with other available moneys of the City, shall be used to undertake the Projects. Money on hand in the 2005 Construction Account may be invested by the City in any investment that is legal for the investment of City funds. Section 17. Bond Insurance; Surety Bond. The Chief Financial Officer is hereby further authorized and directed to solicit proposals from municipal bond insurance companies for -46- P:\CMW\CMW6WH 09/06/05