Laserfiche WebLink
hereby pledges, as equal and ratable security for the Bonds, all present and future proceeds of the <br /> Pledged Taxes for the sole benefit of the registered owners of the Bonds, subject to the reserved <br /> right of the Council to transfer certain interest income or investment profit earned in the Bond <br /> Fund to other funds of the City, as described in the preceding sentence. <br /> C. The sale proceeds of the Project Bonds shall be used to provide for the payment of <br /> costs of the Project and costs of issuance of the Project Bonds and that portion thereof not needed <br /> to pay such costs of issuance is hereby ordered deposited into a separate and segregated account <br /> of the City,hereby created,and to be known as the "Series 2024 Bond Project Fund"(the "Project <br /> Fund"). Monies on deposit in and to the credit of the Project Fund shall be disbursed from time <br /> to time as needed by the Treasurer, without further official action or direction of the Council, in <br /> accordance with normal City procedures for disbursements of corporate funds for capital projects. <br /> Upon the completion of the Project, as certified to the Treasurer by the architect or engineer in <br /> responsible charge of the Project, remaining funds, if any, on deposit in and to the credit of the <br /> Project Fund shall be transferred by the Treasurer,without further official action of or direction by <br /> the Council, to the Bond Fund. Monies on deposit in and to the credit of Project Fund may be <br /> invested by the Treasurer in any investments for City funds as may be from time to time authorized <br /> under Illinois law, without further official action of or direction by the Council. <br /> D. The sale proceeds of the Refunding Bonds as is necessary, together with such money <br /> in the debt service fund for the Prior Bonds as may be advisable (or required under Section 19 <br /> hereof) for the purpose, shall be used to provide for the Refunding and the payment of costs of <br /> issuance of the Refunding Bonds and that portion thereof not needed to pay such costs of issuance <br /> is hereby ordered deposited either (a) U.S. Bank Trust Company, Indianapolis, Indiana, with the <br /> paying agent for the Prior Bonds (the "Prior Paying Agent"), or (b) in escrow with the Escrow <br /> Agent pursuant to the provisions of one or more Escrow Agreements, each substantially in the <br /> -27- <br />