Ordinance 1433-88 - Laserfiche WebLink

(3 ) The balance of the proceeds of the 1988 Bonds remaining after the application of proceeds pursuant to Subparagraphs B( 1 ) - (2 ) of this Section shall be deposited in the Construction Fund and shall be applied towards construc- tion, acquisition, installation and equipping of the Project including the reimbursement of any City funds which have heretofore been drawn upon to pay costs of the Project described in Section 3 hereof, and to pay the costs of issuance of the 1988 Bonds ( including but not limited to the fees and costs of Preston, Thorgrimson, Ellis & Holman, bond counsel to the City, the fees and costs of Drexel Burnham Lambert, financial advisors to the City, and the cost of the Bond Insurance Policy issued by the Bond Insurer) . At the time of the delivery of the 1988 Bonds and prior to the application of the proceeds of the 1988 Bonds, the Treasurer is hereby authorized and directed to make the following interfund transfers: (i ) The amount of approximately $450, 000 in the Debt Service Account for the 1985 Bonds shall be transferred to the 1988 Advance Refunding Fund. In no event shall the amount in the Debt Service Account be reduced below that amount necessary to pay the principal of and interest on the Nonrefunded 1985 Bonds on their next occurring principal and interest payment dates, after taking into account other revenues to be deposited into the Debt Service Account for payment of the Nonrefunded 1985 Bonds prior to such dates and other Revenues of the System and Assessments legally avail- able therefor. (ii ) The amount of approximately $9, 850, 000 in the Revenue Fund, which sum is in excess of System operation and maintenance needs, shall be transferred to the 1988 Advance Refunding Fund. -46- KR180 88/01/11