Ordinance 1433-88 - Laserfiche WebLink

, modify the procedures herein in accordance with regulations promulgated by the U. S. Treasurer. Section 13 . Construction Fund. There is hereby created a special fund of the City to be known as the "1988 Water and Sewer Construction Fund" (the "Construction Fund" ) . Certain proceeds of the 1988 Bonds, as set forth in Section 14 of this ordinance, shall be paid into such Construction Fund and utilized to pay costs of the acquisition, construction and installation of the Project, and costs incidental thereto, and all costs incurred in connection with the issuance and sale of the 1988 Bonds. 1988 Bond proceeds not immediately needed to pay Project costs may be deposited in or with such institution or invested in Permitted Investments which will mature prior to the date on which the money so invested shall be needed. All interest earned and income or profits derived by virtue of such investments shall remain in the Construction Fund and be used for the Project purposes; provided, however, that moneys in the Construction Fund may be used to pay the Arbitrage Earnings Amount, if any, to the extent the Arbitrage Earnings Amount is attributable to earnings on moneys in the Construction Fund. 1988 Bond proceeds, or income therefrom, not expended upon completion of the Project, may be used, first, to meet the requirements of Section 9 .0 hereof; second, to make additions and improvements to the System as deemed necessary by the City Council; and third, to pay the principal of and interest on any Parity Bonds. Section 14. Defeasance of Refunded 1985 Bonds and Disposition of 1988 Bond Proceeds. A. 1988 Advance Refunding Fund. There is hereby created in the office of the Treasurer a special fund of the City, to be held by Seattle-First National Bank (hereinafter called the "Refunding Trustee" ) , which fund shall be known as the "1988 Advance Refunding Fund. " The 1988 Advance Refunding Fund shall be -42- KR180 88/01/11