Ordinance 1504-88 - Laserfiche WebLink

Moneys remaining in the Projects Fund after all of the costs of the Projects 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 Projects Fund may be invested as permitted by law. Any moneys of the City to be used to pay costs of the Projects which are not Bond proceeds or investment earnings thereon (or moneys or investment earnings on moneys in the Authority Senior Facilities Bond Construction Fund) shall not be deposited in the Projects Fund. Moneys in the Projects Fund may be used to pay the Rebate Amount. SECTION 15 . Sale of the Bonds. The Bonds shall be sold at public sale in accordance with the terms and conditions set forth in the official Notice of Bond Sale attached hereto as Exhibit A and incorporated herein by this reference. The Council shall authorize such sale by resolution adopted on the sale date set forth in said Notice of Bond Sale. The City Clerk is hereby authorized and directed to cause the Notice of Bond Sale substantially in the form attached hereto as Exhibit A, to be published prior to such sale at least once in a newspaper of general circulation within the City. Following the sale of the Bonds, the City shall cause definitive Bonds to be prepared, executed and delivered, which Bonds shall be lithographed or printed with engraved or litho- graphed borders. Until the definitive Bonds are prepared, the City may execute a temporary bond which shall be typewritten, and which shall be delivered to the purchaser or purchasers of the Bonds in lieu of definitive Bonds, but subject to the same provi- sions, limitations and conditions. The temporary Bond shall be dated as of the date of the Bonds, shall be fully registered, shall be in the denomination of $6, 600, 000 shall be numbered T-1, shall be substantially of the tenor of such definitive Bonds, but with such omissions, insertions and variations as may be appro- -21- KR258 88/07/06