Ordinance 1992-1070 - Laserfiche WebLink

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~19 -/p Section 4. Disposition and Investment of Bond Proceeds. The proceeds of the Bond shall be applied only to pay the costs and expenses of the Project, including reimbursement to the City for capital expendi tures heretofore incurred and paid from City funds in anticipation of the incurrence of long-term financing therefor, and all other costs and expenses incident thereto, including without limitation the costs of obtaining the Loan. Nei ther the Authority nor any subsequent owner (s) of the Bond shall be responsible for the application or disposal by the City or any of its officers of the funds derived from the Bond. Section 5. Bond Account. There is hereby established as a book account of the City's Water Fund the "Colorado Water Resources and Power Development Authority Bond Account" (the "Bond Account") . The City shall credit to the Bond Account each year from the Pledged Revenue an amount sufficient, together with other moneys available therefor in the Bond Account or otherwise available as provided in the Financing Documents, to pay when due the principal of and interest on the Bond. Moneys held in the Bond Account may be invested or deposited in accordance with the laws of the state of Colorado. Any investment income earned an amounts on deposit in the Bond Account shall remain in the Bond Account until the Bond is fully paid, satisfied, and discharged. Section 6. City Representatives. Pursuant to Exhibit B of the Loan Agreement, Annette Brand, city Administrator, and Sharon Asti-Caranci, Director of Finance, are hereby both designated as an Authorized Officer (as defined in the Loan Agreement) for the purpose of performing any act or executing any document relating to the Bond, the City, or the Loan Agreement. A copy of this Ordinance shall be furnished to the Authority as evidence of such designation. Section 7. Incontestable Recital. The Bond may recite that it is issued under the authority of Title 31, Article 35, Part 4, C.R.S. Such recital shall conclusively impart full compliance with all provisions and limitations of said Part 4, and such Bond issued containing such recital shall be incontestable for any cause whatsoever after its delivery for value. Section 8. Estimated Life of Project. It is hereby determined that the estimated life of the Project is not less than 25 years from the date of the Bond. Section 9. Direction to Take Authorizinq Action. The appropriate officers of the city and members of the Council are hereby authorized and directed to take all other actions necessary or appropriate to effectuate the provisions of this Ordinance, including but not limited to such certificates and affidavits as may reasonably be required by the Authority. - 5 -