Laserfiche WebLink
t <br /> Upon the sale of the Notes from time to time, the Designated Officials shall prepare a <br /> Note Order, which shall include the pertinent details of sale as provided herein, and such shall be <br /> entered into the records of the City and made available to all Corporate Authorities members at <br /> the next public meeting thereof. <br /> The authority contained herein for the sale and issuance of the Notes is hereby limited <br /> and will expire five(5)years from the adoption hereof. <br /> Section 12. Creation of Funds and Appropriations. Note proceeds and other funds of <br /> the City as noted are hereby appropriated as follows: <br /> A. Any premium received on the Notes shall be and is hereby appropriated for <br /> the purpose of paying the first interest due on the Notes and to such end is hereby ordered <br /> to be deposited into the "General Obligation Line of Credit Notes, Debt Service Fund" <br /> (the `Debt Ser-vice Fund"), hereby created, which shall be the fund for the payment of <br /> principal of and interest on the Notes. <br /> B. The principal proceeds of the Notes shall be set aside in a separate fund, <br /> hereby created, and designated as the "Redevelopment Project Fund" (the `Project <br /> Fund"), hereby created, and be used to pay costs of the Redevelopment Project, including <br /> costs of issuance of the Notes, and interest on or principal of the Notes at any time there <br /> are insufficient funds from other sources to pay the same. <br /> The Corporate Authorities reserve the right, as it becomes necessary from time to time, to <br /> revise the list of projects hereinabove set forth, to change priorities, to revise cost allocations <br /> between projects and to substitute projects, in order to meet current needs of the City; subject, <br /> however,to limitations of the Act and to the tax covenants set forth herein. <br /> -17- <br />