Ordinance 1740-90 - Laserfiche WebLink

• • SECTION 14 . Application of Proceeds of Bonds. There is hereby created a special fund of the City to be known as the "1990 Library Parking Project Fund" (hereinafter, the "Project Fund") . All expenditures for the Project financed by proceeds of the Bonds shall be made from the Project Fund. At the time of delivery of the Bonds, the proceeds of the Bonds shall be deposited as follows: (a) The accrued interest to the date of delivery shall be deposited to the Bond Fund and used to pay the interest on the Bonds coming due on June 1, 1991. (b) The remaining proceeds shall be deposited to the Project Fund and used to pay costs of the Project and all costs incidental thereto and to the issuance of the Bonds, and to reimburse any other City funds utilized to pay costs of the Project. Moneys remaining in the Project Fund after all of the costs of the Project have been paid, may be used for any lawful City purpose, including deposit into the Bond Fund for the payment of the Bonds. Moneys in the Project Fund may be invested as permitted by law. Any moneys of the City to be used to pay costs of the Project which are not Bond proceeds shall not be deposited in the Project Fund. SECTION 15. Assessed Value and Existing Bonded Debt. The actual value of the taxable property within the City as ascer- tained by the Snohomish County Assessor in 1989 for purposes of 1990 taxation is $3 , 162,211,221. The principal amount of out- standing non-voted general obligation bonded indebtedness of the City, including the principal amount of the Bonds and the Series A Bonds, as of August 31, 1990, is $16, 840, 250. The principal amount of outstanding general obligation bonded indebtedness of the City, whether voted or non-voted, including the principal -21- KR113 90/09/17