Ordinance 1504-88 - Laserfiche WebLink

• Senior Facilities 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 . (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. In accordance with the terms of the Housing Cooperation Agreement and Ordinance No. 1406-87, at such time or times as the conditions of said Agreement with respect to the transfer of Bond proceeds are met, there is hereby authorized to be transferred from the Projects Fund to the Authority Senior Facilities Bond Construction Fund an amount or amounts not to exceed a total of $5, 500, 000 less a pro rata share of costs of issuance of the Bonds. The balance of the proceeds shall be applied by the City to the Senior Center Project and remaining costs of issuance of the Bonds. Bond proceeds transferred to the Authority shall be applied in accordance with the terms of said Housing Cooperation Agreement and Ordinance No. 1406-87 . Moneys deposited in the Authority Senior Facilities Bond Construction Fund shall be limited to Bond Proceeds and investment earnings thereon. All investment earnings, if any, on moneys in said Authority Senior Facilities Bond Construction Fund shall be paid to the City by the Authority not less than once each year and shall be deposited by the City in the Projects Fund. Any other moneys returned to the City by the Authority pursuant to the terms of the Housing Cooperation Agreement shall be deposited in the Projects Fund. -20- KR258 88/07/06