Ord85 1914 - Laserfiche WebLink

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From the date this Ordinance takes effect, all Pledged Revenues shall, during the months in which received, be deposited in the Repayment Fund. On or before June 30, 1986, the moneys in the Repayment Fund shall be used, to the extent necessary, to pay the principal of and interest on the Notes. Any moneys remaining in the Repayment Fund after the Notes and the interest thereon have been paid, or provision for such payment has been made, shall be transferred by the City Treasurer to the City General Fund. Section 8. Deposit and Investment of Fund. All moneys held by the City Treasurer in the Repayment Fund, if not invested, shall be he 1 d in time or demand deposits of public funds and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Repayment Fund, to the greatest extent possible, shall be invested in investment securities by the Fi nance Di rector or Ci ty Treasurer, as permitted by the charter of the City and the 1 aws of the State of California as now in effect and as hereafter amended, modified or supplemented from time to time, and the proceeds of any such investments shall be deposited in the Repayment Fund and shall be part of the Pledged Revenues. Section 9. Executi on of Notes. The Fi nance Di rector of the City is hereby authorized to execute the Notes by manual signature, and the City Clerk of the City is hereby authorized to countersign the same by facsimile signature and to affix the seal of the City thereto by facsimile impression thereof, and said offi cers are hereby authori zed to cause the blank spaces thereof to be filled in as may be appropriate. Section 10. Covenants and Warranties. It is hereby covenanted and warranted by the City that all representations and recitals contained in this Ordinance are true and correct, and that the City and its appropriate officials have duly taken all proceedings necessary to be taken by them, and will take any add iti ona 1 proceedi ngs necessary to be taken by them, for the prompt collection and enforcement of the taxes, revenue, cash receipts and other moneys pledged hereunder in accordance with law and for carrying out the provisions of this Ordinance. Section 11. Arbitrage Covenant. This Council, as governing body of the City of Redwood City, the issuer of the Notes, hereby covenants that it will make no use of the proceeds of the Notes whi ch wou1 d cause the Notes to be lIarbitrage bonds II under Section 103(c) of the Internal Revenue Code of 1954, as amended; and, to that end, so long as any of the Notes are outstanding, the issuer, wi th respect to the proceeds of the Notes, and all officers having custody or control of such proceeds, shall comply with all requirements of said section and of the regu1 ations of the Uni ted States Department of the Treasury thereunder, to the extent that such regul ations are, at the time, applicable and in effect, so that the Notes will not be lIarbitrage bonds. II -3- _,__'4 _ "_..-