Laserfiche WebLink
purchase of the Bonds. The distribution of the Preliminary Official Statement relating to the Bonds <br /> is hereby in all respects authorized and approved, and the proposed use by the Purchaser of an <br /> Official Statement (in substantially the form of the Preliminary Official Statement but with <br /> appropriate variations to reflect the final terms of the Bonds) is hereby approved. One or both of <br /> the Designated Officials shall execute a bond purchase contract for the sale of the Bonds to the <br /> Purchaser(the "Bond Purchase Contract")in the form approved by the corporation counsel of the <br /> City. Upon the sale of the Bonds, the Designated Officials shall prepare the Bond Notification, <br /> which shall include the pertinent details of sale as provided herein, and such shall be entered into <br /> the records of the City and made available to all Council members at the next public meeting <br /> thereof. The Designated Officials shall also file with the County Clerk the Bond Notification.The <br /> authority granted in this Ordinance to the Designated Officials to sell Bonds as provided herein <br /> shall expire on October 15, 2024. <br /> Section 15. Creation of Funds and Appropriations. <br /> A. There is hereby created the "General Obligation Bonds, Series 2024, 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 /> from which advances to the Bond Fund may have been made to pay principal of or interest on the <br /> Bonds prior to receipt of Pledged Taxes. Interest income or investment profit earned in the Bond <br /> Fund shall be retained in the Bond Fund for payment of the principal of or interest on the Bonds <br /> on the interest payment date next after such interest or profit is received or, to the extent lawful <br /> and as determined by the Council, transferred to such other fund as may be determined. The City <br /> -26- <br />