Ordinance 826-81 - Laserfiche WebLink

payable at a rate not to exceed a maximum rate authorized by the , City Council. The Bonds shall mature serially beginning on a date not less than two nor more than five years from date of issue and ending on a date not more than, but may be less than, twenty years from date of issue. The exact date, form, terms , options of redemp- tion, maturities and conditions of sale of the Bonds shall be as hereafter fixed by resolution or resolutions of the City Council passed for such purpose. Pending the printing , execution and delivery to the pur- chaser of the definitive Bonds, the City may cause to be executed and delivered to such purchaser a single temporary Bond in the principal amount of the definitive Bonds. Any temporary Bond shall bear the same date of issuance, interest rates, principal payment dates and terms and covenants as the definitive Bonds, shall be issued as a fully registered bond in the name of the purchaser of the definitive Bonds, and shall be in a form acceptable to the purchaser. Any temporary Bond shall be exchanged for the definitive Bonds as soon as the same are printed, executed and available for delivery. Section 5 . The principal proceeds of sale of the Bonds and any premium shall be deposited in the "Housing Development Fund," which shall be created in the office of the City Treasurer if the Bonds are approved by the voters, except that any accrued interest on the Bonds received at the time of their delivery shall be paid into the Bond Redemption Fund. Money in the "Housing Development Fund" may be temporarily deposited in such institutions or invested in such obligations as may be lawful for the investment of City money and may be temporarily advanced to the Bond Redemption Fund to pay Bond interest pending receipt of taxes levied therefor. The principal proceeds of sale of the Bonds and any interest received from the deposit or investment of such proceeds shall be applied and used solely for the purpose of assisting the 6