Ordinance 1982-770 - Laserfiche WebLink

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Section 7 . Creatil~n of the Construction Fund and Bond Fund. Ther is hereby created and established with the Lender, which is ereby constituted and appointed as depositary for the City, a pecial fund in the name of the City to be des~gnated "Indust ial Development Revenue Bond Construction Fund (Stairs Incorporat d, Project)". The principal proceeds received by the City from he sale of the Bond shall be deposited in the Construction Fund hich shall be held in a separate account by the depositary. Moneys in the Construction Fund shall be expended in accordance with th provisions of the Loan Agreement, and partic- ularly Section 3 .3. thereof. It is understood and agreed that moneys in the Con truction Fund are held by the Lender for the account of the Cit , and the Borrowers shall have no right, title or interest therein, except for the right of the Borrowers to receive disburseme ts therefrom in accordance with the provisions of Section 3.3 of Agreement. The Len as depositary, shall keep and maintain adequate records p rtaining to rE~ceipts, disbursements and invest- ments of money in the Construction Fund, which shall be open to inspection by the City or the Borrowers during normal business hours. The etion of the Project and payment of all co~ts and expenses thereto shall be evidenced by the filing with the City and the Lender of a certificate of the Borrowers required by Sectio 3.4 of the Loan Agreement. Any moneys there- after remaining n t!i'e Cons trlIct ion Fund shall be applied in accordance with Se tion 3.4 of the Loan Agreement. There i also hereby created by the City and ordered established with he Lender as depositary, a special fund to be designated "Industrial Development Revenue Bond Fund (Stairs Incorpora ed, project)" (herein sometimes referred to as the "Bond Fund"), which shall be used to pay the principal of and the interest on th Bond. - '18 - - -- ---------.' "-. .-. -., ----. -~.._--.._- _._---~----- --'- -"--- -.'