Ordinance 1739-90 - Laserfiche WebLink

, and delivered hereunder and are entitled to the benefits of this ordinance. In case either of the officers of the City who shall have executed the Bonds shall cease to be such officer or officers of the City before the Bonds so signed shall have been authenticated or delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond may also be signed and attested on behalf of the City by such persons as at the actual date of execution of such Bond shall be the proper officers of the City although at the original date of such Bond any such person shall not have been such officer. SECTION 14. Application of Proceeds of Bonds. There is hereby created a special fund of the City to be known as the "1990 Main Branch Library Projects Fund" (hereinafter, the "Projects Fund") . All expenditures for the Projects financed by proceeds of the Bonds shall be made from the Projects 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 Projects Fund and used to pay costs of the Projects 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 Projects. Moneys remaining in the Projects Fund after all of the costs of the Projects have been paid, may be used for any lawful City -22- KR112 90/09/17