Ordinance 2004-1437 - Laserfiche WebLink

Home Browse Search

D. The City Council, the Registrar and the Paying Agent shall endeavor to cooperate with DTC or any successor or new depository named pursuant to clause (1) or (2) of paragraph (a) hereof in effectuating payment of the principal amount of the Bonds upon maturity by arranging for payment in such a manner that funds representing such payments are available to the depository on the date they are due. Section 12. Delivery of Bonds and Disposition of Proceeds. When the Bonds have been duly executed by appropriate City officers and authenticated by the Registrar, the City shall cause the Bonds to be delivered to the Purchaser on receipt of the agreed purchase price. The Bonds shall be delivered in such denominations as the Purchaser shall direct (but subject to the provisions of Sections 10 and 11 hereof). The proceeds of the sale of the Bonds shall be deposited promptly by the City and shall be accounted for in the following manner and are hereby pledged therefor, but the Purchaser or any subsequent Owner in no manner shall be responsible for the application or disposal by the City or any of its officers of any of the funds derived from the sale of the Bonds: A. First, any accrued interest received on the Bonds and the amount of capitalized interest, if any, on the Bonds shall be deposited into the City of Louisville, Colorado, Limited Tax General Obligation Library Bonds, Series 2004 Bond Fund (the "Bond Fund"), which is hereby created, to be applied to the payment of the first installment of interest on the Bonds. B. Second, there shall be credited to the Bond Fund all moneys remaining from the sale of the Bonds which shall be applied in a manner consistent with Section 15(A) hereof, to payment of the cost of the Project, including, without limitation, the incidental expenses incurred by the City as a part of the cost of the Project, and, at the direction of the Board, interest on the Bonds. C. Third, the balance of the proceeds shall be applied for the purpose of paying, together with any other money available therefor, costs of issuance of the Bonds. Section 13. Payment of Principal and Interest; Ad Valorem Tax Covenant. A. For the purpose of paying the interest on and, the principal and premium, if any, of the Bonds as the same become due and payable respectively, the City covenants that it 22