Ord84 1903 - Laserfiche WebLink

Browse Search

Section 4. Use of Proceeds. The moneys so borrowed shall be deposited in the General Fund of the Ci ty and used and expended by the Ci ty for any purpose for whi ch it is authori zed to expend funds from the General Fund of the City. Secti on 5. Security. The principal amount of the Notes, together with the interest thereon, shall be payab 1 e from taxes, revenue and other moneys which are received by the City for the General Fund of the City for the Fiscal Year 1984-1985. As security for the payment of the principal of and interest on the Notes, the City hereby pledges (a) the first $ 1 ,876,000 of II unre s tr i c ted moneys II , as hereinafter defined, to be received in December, 1984, (b) the first $1,876,000 of unrestricted moneys to be received in April, 1985, and (c) the first $200,000, together with any additional amount required to pay any remaining interest on the Notes, if any, of unrestricted moneys to be received in May, 1985 (such pledged amounts being hereinafter called the "Pledged Revenues"). The principal of the Notes and the interest thereon shall constitute a first lien and charge thereon and shall be payable from the Pl edged Revenues. To the extent not so paid from the Pledged Revenues, the Notes shall be paid from any other moneys of the City 1 awfully available therefor. In the event that there are insufficient unrestricted moneys received by the City to permit the deposit into the Repayment Fund, as hereinafter defined, of the fu 11 amount of the Pledged Revenues to be deposited in any month by the last business day of such month, then the amount of any deficiency shall be satisfied and made up from any other moneys of the City lawfully avai lable for the repayment of the Notes and interest thereon. The term "unrestricted moneys II shall mean taxes, income, revenue, cash receipts, and other moneys intended as recei pts for the General Fund of the City and which are generally available for the payment of current expenses and other obligations of the City. Section 6. Payi ng Agent. Bank of America National Trust and Savi ngs Association is hereby appointed to act as the Paying Agent of the City for the purpose of paying to the Noteho1ders upon presentation thereof both the principal of and interest on the Notes on maturity and to perform such other duties and powers of the payi ng Agent as are prescri bed in th i s Ordinance. Said Payi ng Agent sha 11 be compensated for said services in accordance with the terms of said Paying Agent's written proposal to the City. See t ion 7. Repayment Fund. The Pledged Revenues shall be he 1 d by the City in a special fund designated "1984 Tax and Revenue Anticipation Note Repayment Fund" (the "Repayment Fund") and applied as directed in this Ordinance. Any money placed in the Repayment Fund shall be for the benefit of the Note s , and unti 1 the Notes and a 11 interest thereon are paid or unti 1 provision has been made for the payment of the Notes at maturity with interest to maturity, the moneys in the Repayment Fund shall be applied solely for the purposes for which the Repayment Fund is created. From the date thi s Ordi nance takes effect, all P1 edged Revenues shall, during the months in which received, be deposited in the Repayment Fund. On or before June 28, 1985, the moneys in the Repayment Fund shall be transferred to the Paying Agent and used, to the extent necessary, to pay the principal of 2 _. -~.,.....