Ordinance 1986-887 - Laserfiche WebLink

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Section 11- Lost Bonds. Any Bond that is lost, stolen, destroyed, or mutilated may be replaced or paid by the Bond Registrar in accordance with and subject to the limitations of applicable law. The applicant for any such replacement Bond shall post such security, pay such costs, and present such proof of ownership and loss as may be required by applicable law, or in the absence of specific requirements, as may be required by the Bond Registrar. Section 12. Disposit~on of Bond Proceeds. The Bonds, when executed and registered as provided by law, shall be deliv- ered to the Underwriter in accordance with the Bond Purchase Agreement, and the proceeds derived therefrom shall be used exclu- sively for the purposes of: ( i) funding, together with the Escrow Supplement, the Escrow Account herein authorized, and ( i i ) paying the Project Costs. Accrued interest paid by the Underwriter shall be deposited in the Bond Account to be applied to the payment of interest next due. Neither the Underwriter nor the subsequent. Owners of the Bonds shall be responsible for the application or disposal of the proceeds of the Bonds by the City or any of its officers. The proceeds of the Bonds shall be used only for the purposes recited above; provided however, that all or any portion of the Bond proceeds may be temporarily invested or reinvested, pending such use, in securities or obligations which are lawful investments. It is hereby covenanted and agreed by the City that the temporary investment or reinvestment of the original proceeds of the Bonds, or of any moneys treated as proceeds of the Bonds within the meaning of Section lO3(c) of the Code and pertinent regulations, rulings, and decisions, shall be of such nature and extent, for such period, and at such yield, that the Bonds shall not be or become arbitrage bonds within the meaning of Section l03(c) of the Code and pertinent regulations, rulings, and decisions. Section 13. Pledge of Ad Valorem Taxes. If necessary, the interest to become due on the Bonds through December 1 , 1986, shall be advanced from any revenues or. funds of the City lawfully - 24 -