Ordinance 902-82 - Laserfiche WebLink

• during the term of the Bonds which will cause the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the United States Internal Revenue Code of 1954, as amended, and applicable regulations promulgated thereunder. Section 4. The Bonds and coupons shall be printed or lithographed on good bond paper in a form consistent with the provisions of this ordinance. The Bonds shall be signed by the facsimile signature of the Mayor, attested by the manual signa- ture of the City Clerk and a facsimile reproduction of the seal of the City shall be printed thereon, and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 5. The Bond Fund has heretofore been created and established in the office of the City Treasurer. The accrued interest received, if any, upon the sale and delivery of the Bonds shall be paid into the Bond Fund. The principal proceeds and premium, if any, received from the sale and delivery of the Bonds shall be paid into the "Housing Development Fund, " hereto- fore created in the office of the City Treasurer, and used for the purposes specified in Section 1 of this ordinance and to pay the costs of issuance and sale of the Bonds. Pending the expen- diture of such principal proceeds, the City may temporarily invest such proceeds in any legal investment and the investment earnings may be retained in the "Housing Development Fund" and expended for the purposes of such fund. All taxes collected for and allocated to the payment of the principal of and interest on the Bonds shall hereafter he deposited in the Bond Fund. Pend- ing the receipt of the proceeds from the issuance of the Bonds, interest-bearing warrants may be drawn on the "Housing Develop- ment Fund" to provide interim funds to pay such costs, such loan to be repaid from the proceeds received from the issuance of the Bonds. - 4 -