Ordinance 1505-88 - Laserfiche WebLink

• Clerk, and shall have the official corporate seal of the City impressed or imprinted thereon. Only such. Bonds as shall bear thereon a Certificate of Authentication in the form hereinbefore recited, manually executed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated 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 "1988 Parks and 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 July 1, 1989 . -19- KR257 88/07/06