Ordinance 1992-1084 - Laserfiche WebLink

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under the control of the City, to be known as the "City of Louisville, Colorado, General Obligation Bonds, Series 1992, Bond Fund" (the "Bond Fund"), for the purpose of paying the interest on and the principal of the Bonds, respectively, as the same next become due and owing. B. The balance of the proceeds of the Bonds shall be initially credited to the following special and separate account, hereby created and established, which account shall be under the control of the City, to be known as the "City of Louisville, Colorado, General Obligation Bonds, Series 1992, Project Fund" (the "Project Fund"). Immediately upon issuance of the Bonds, proceeds in an amount required (together with moneys available from other sources, as described in paragraph C) to payoff the Golf Course Leases shall be transferred to the Escrow Agent. Title to the assets being acquired shall be transferred to the City pursuant to the terms of the Golf Course Leases. The balance of the proceeds of the Bonds shall be used for issuance expenses related to the Bonds. C. In addition to the above transfer to the Escrow Agent, City moneys in an amount up to the amount which would have been paid as the November, 1992 lease payment under the Golf Course Lease relating to the Golf Course shall be paid to the Escrow Bank for deposit in the escrow account created in the Escrow Agreement, and all moneys held by the trustee for the Certificates shall be deposited in such escrow account. D. After completion of the acquisition of the Project, including payment of all issuance expenses, or after adequate provision therefor is made, any unexpended balance of Bond proceeds shall be deposited in the Bond Fund created above. Section 11. Pledl!e of Ad Valorem Taxes. The interest falling due on the Bonds on May 1, 1993, shall be paid out of the general revenues of the City or out of any funds available for that purpose, including, without limitation, the net revenues of the City's Golf Course; and for the purpose of reimbursing such general revenues or such fund or funds and for the purpose of providing the necessary funds to meet the principal and interest thereafter accruing on the Bonds, as the same become due, there shall be levied on all the taxable property in the City, in addition to all other taxes, direct annual taxes sufficient in amount to pay the interest and principal promptly as the same, respectively, become due, and such taxes when collected shall be deposited in the Bond Fund, such fund to be applied solely for the purpose of the payment of the interest on and the principal of the Bonds, respectively, and for no other purpose whatever until the indebtedness so contracted under -22-