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<br /> Section 10. Bond Fund. The Bonds and the interest <br />thereon shall be payable solely from a spec ial fund hereby <br />established and designated as the " S pe cia I Improveme n t Distr ict <br />No. 1986-l Bond Fund" (the "Bond Fund") . From the proceeds of the <br />Bonds there shall be deposited to the Bond Fund the acc rued <br />interest, if any, paid as part of the purchase pr ice of the Bonds, <br />plus the amount of $lOl,OOO as capitalized interest. Thereafter, <br />the Bond Fund shall contain any moneys in the construction account <br />remaining after the cost of improvements has been pa id in full, <br />and the moneys collected as a res ul t of the assessments levied <br />against the proper ty wi t h i n the District and specially benefited <br />by the construction of improvemen ts therein. All moneys collected <br />as a res ul t of such assessments shall be depos i ted immediate ly <br />upon receipt to the Bond Fund and appl ied to the payment of the <br />principal of and interest on the Bonds un t i 1 such principal and <br />interest is paid in full. Whenever three-fourths of the Bonds <br />have been paid and cancelled and for any reason the remaining <br />assessments are not paid in time to pay the rema ining Bo nds and <br />the interest due thereon, the City shall pay the Bo n ds when due <br />and the interest thereon and re imbur se itself by collecting the <br />unpaid assessments due the District. <br /> Section II. Pr i 0 r Redemption. When the City Treasurer <br />has funds in the Bond Fund exceeding six months' interest on the <br />unpaid principal of the Bonds iss ued and outstanding, he sh all <br />call in, by advertisement once a week for three consecutive we e k s <br />in some newspaper of general c ir cula t ion in the City, a suitable <br />number of Bonds for payment; provided however, that the amoun t of <br />capitalized interest deposited to the Bond Fund shall be used <br />solely for the purpose of paying the interest on the Bonds. At <br />the expi ra t ion of thirty (30) days from the first publication of <br />such notice, interest on the Bo nd s so called shall cease. The <br />notice shall s pe c i f Y by number the Bonds so called, and all Bonds <br />shall be paid in their numer ical order. In addition, notice shall <br />be give n by the Bond Registrar by ma ili ng a copy of such not ice by <br />first class ma il (postage prepaid), not less than thirty ( 30) days <br />prior to the date fixed for redemption, to the registered owner of <br /> - 36 - <br />