Res85 10102 - Laserfiche WebLink

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Section 11. Improvement Fund. The monies to be placed in the Improvement Fund consist of: (a) Monies received by the City from any cash payments of assessments prior to the issuance of the Bonds; (b) Contributions or other sources pertaining to the project; and (c) The proceeds received from the sale of the Bonds, including any premium received thereon, but not including the monies required to be placed in the Reserve Fund nor any accrued interest received from the sale of the Bonds which shall be placed in the Redemption Fund. Disbursement from the Improvement Fund shall be made to pay the following costs of the Project: (i) Any amount included as a Project cost for capitalized interest on the Bonds, which amount shall be transferred forthwith upon receipt of the proceeds of the sale of the Bonds from the Improvement Fund to the Redemption Fund; and (ii) All other costs of the Project, except the funding of the Reserve Fund. Any surplus remaining in the Improvement Fund after payment of all of said costs shall be used, in such amounts as the Council may determine, in accordance with the provisions of law for one or more of the following purposes: (aa) Transfer to the general fund of the City, provided that the amount of any such transfer shall not exceed the lesser of $1,000 or 5% of the total amount expended from the Improvement Fund; (bb) As a credit upon the assessment and any supplemental assessment, provided that such surplus may, if the Council so determines, also be applied as a credit to the City on account of contributions made by it towards the cost of the Project in the proportion that such contribution bears to the total amount of the assessment or supplemental assessment prior to the deduction of all such contributions; or (cc) For the maintenance of said improvements. Section 12. Redemption Fund. The Redemption Fund shall consist of: (a) Any accrued illterest received by the City from the sale of the Bonds; -5-