Ordinance 941-83 - Laserfiche WebLink

• and directed to do all things necessary for the prompt execution and delivery of the Bonds and for the proper use and application of the proceeds of sale thereof. Section 14. Application of Proceeds of Sale of the Bonds. Upon the sale of the Bonds the proceeds thereof (except for accrued interest, which shall be paid into the Debt Service Account in the Revenue Bond Fund) shall be utilized as follows: A. The City shall pay into the "1982 Water and Sewer Revenue Interim Financing Bond Fund" out of the proceeds of the Bonds an amount sufficient, together with other funds on hand and legally available therefor, to redeem the outstanding 1982 Interim Financing Bonds on July 1, 1983, pursuant to Section 5 of Ordi- nance No. 831-81 . B. There has heretofore been created a special fund of the City known as the "Construction Fund - ULID No. 1 . " All remaining proceeds of the Bonds shall be paid into such Construction Fund and utilized to pay the costs of the acquisition, construction and installation of the Project, and costs incidental thereto, to fund interim financing undertaken for such purposes and to pay all costs incurred in connection with the issuance and sale of the Bonds. Bond proceeds not immediately needed to redeem the 1982 Interim Financing Bonds or to pay Project costs and the costs of issuance and sale of the Bonds may be deposited in or with such institutions or invested in such obligations as may now or here- after be permitted cities of the State of Washington by law and which will mature prior to the date on which the moneys so depos- ited or invested shall be needed. All interest earned and income or profits derived by virtue of such investments shall remain in the fund or funds in which such proceeds have been deposited and be used for the purposes for which the Bonds are being issued. -30- WMD20 83/05/02