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Preliminary Official Statement, Official Statement, Bond Purchase Contract (as hereinafter <br /> defined),and closing documents,as applicable. The Designated Officials must find and determine <br /> in each Bond Notification that no person holding any office of the City either by election or <br /> appointment, is in any manner financially interested either directly, in his or her own name, or <br /> indirectly in the name of any other person, association, trust or corporation in the Bond Purchase <br /> Contract with the Purchaser for the purchase of such Bonds. The distribution of the Preliminary <br /> Official Statement relating to the Bonds is hereby in all respects authorized and approved, and the <br /> proposed use by the Purchaser of an Official Statement(in substantially the form of the Preliminary <br /> Official Statement but with appropriate variations to reflect the final terms of the Bonds) is hereby <br /> approved. The Designated Officials are authorized to execute a bond purchase contract for the <br /> sale of Bonds to the Purchaser (the `Bond Purchase Contract") in the form approved by the <br /> corporation counsel of the City. Upon the sale of any Bonds,the Designated Officials shall prepare <br /> the Bond Notification therefor,which shall include the pertinent details of sale as provided herein, <br /> and such shall be entered into the records of the City and made available to all Council members <br /> at the next public meeting thereof. The Designated Officials shall also file with each Bond <br /> Notification with the County Clerk. The authority granted in this Ordinance to the Designated <br /> Officials to sell Bonds as provided herein shall expire on December 31, 2019. <br /> Section I5. Creation of Funds and Appropriations. <br /> A. There is hereby created the "General Obligation Bonds, Series 2019, Bond Fund" <br /> (the "Bond Fund"), which shall be the fund for the payment of principal of and interest on the <br /> Bonds. Accrued interest, if any, received upon delivery of the Bonds shall be deposited into the <br /> Bond Fund and be applied to pay first interest coming due on the Bonds. <br /> B. The Pledged Taxes shall either be deposited into the Bond Fund and used solely and <br /> only for paying the principal of and interest on the Bonds or be used to reimburse a fund or account <br /> -26- <br />