Res79 8268 - Laserfiche WebLink

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In the Streets and Highways 1964 Construction Fund created by the resolution, the proceeds of sale of $2,556,307.95* of the Series E Bonds; In the Sewer System 1964 Construction Fund created by the resolution, the proceeds of sale of $329,521.10* of the Series E Bonds; and "(iii) In the Water System 1964 Construction Fund created by the resolution, the proceeds of the sale of $3,826,670.95* of the Series E Bonds. "(b) The remaining portion of the proceeds of the sale of the Series E Bonds shall be deposited by the City Treasurer (after deducting from such proceeds the pro rata share of the sums required to be deposited in the fund referred to in Section 6 hereof and the pro rata share of any discount bid on the Series E Bonds) in a separate fund to be known as the 'Redwood City General Improvement District No. 1-64 1964 FaC;.lities Bonds, Series E, Bond Proceeds Allocation Fund' (hereinafter called the 'Series E Allocation Fund,' which fund the City hereby covenants to establish and maintain until March 1, 1981. Moneys in the Series E Allocation Fund shall be withdrawn from time to time by the City Treasurer and deposited in one or more of the funds referred to in paragraphs (a)(i) through (a)(iii) of this Section 7, following adoption by the Council of the City of Redwood City of a resolution or resolutions determining that one or more of the projects for which Series E Bond proceeds are authorized to be expended require the expenditure of additional moneys in the Construction Fund established for such project and specifying the amount of such money to be transferred to such fund. On March 1, 1981, the City Treasurer shall transfer all remaining moneys in the Series E Allocation Fund to the funds referred to in paragraphs (a)(i) through (a)(iii) of this Section 7, pro rata in the proportions that the * Subject to reduction as in this Section 7 provided. -2-