Res90 11305 - Laserfiche WebLink

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Section 4.05. Cost of Issuance Account. There is hereby created within the Improvement Fund, a special account to be known as the "Seaport Centre Assessment District-1990 Cost of Issuance Account" (the "Cost of Issuance Account"), which the City hereby covenants and agrees to cause to be maintained and which shall be held in trust by the Treasurer. The moneys in the Cost of Issuance Account shall be used in the manner provided by law solely for the purpose of the payment of Costs of Issuance, on or after the Closing Date. Any funds remaining in the Cost of Issuance Fund on the date that is six months after the Closing Date, shall be transferred to the Improvement Fund. Section 4.06. Investment of Funds. Moneys in the Improvement Fund, Redemption Fund, and the Reserve Fund shall, whenever practicable, be invested in Authorized investments, maturing on a date prior to which such moneys are expected to be required. Any income therefrom or interest thereon shall accrue to and be deposited in the fund from which said moneys were invested, subject to the provisions of Section 5.07 hereof. Section 4.07. Escrow Fund. On the Closing Date, the Treasurer is hereby directed and authorized to cause to be established with Bank of America National Trust and Savings Association, as Escrow Holder, an Escrow Fund pursuant to a suitable Escrow Deposit and Trust Agreement which the Treasurer is hereby authorized and directed to execute on behalf of the City. The Escrow Fund shall be known as the "City of Redwood City, Seaport Centre Assessment District-1990 Prior Bonds Escrow Fund" (the "Escrow Fund"). The purpose of the establishment of the Escrow Fund shall be to assure the timely advance retirement of a portion of the Prior Bonds, using the Refunding Component of the proceeds of the Bonds and other funds held by the City with respect to the Prior Bonds and investment earnings thereon, all as to be specified by appropriate Certificates of the City. -15-