Laserfiche WebLink
Section 10. Bond Fund. The Bonds and the interest <br /> thereon shall be payable solely from a special fund hereby <br /> established and designated as the 'Special Improvement District <br /> No. 1986-1 Bond Fund" (the 'Bond Fund") . From the proceeds of the <br /> Bonds there shall be deposited to the Bond Fund the accrued <br /> interest, if any, paid as part of the purchase price of the Bonds, <br /> plus the amount of $101,000 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 paid in full, <br /> and the moneys collected as a result of the assessments levied <br /> against the property within the District and specially benefited <br /> by the construction of improvements therein. All moneys collected <br /> as a result of such assessments shall be deposited immediately <br /> upon receipt to the Bond Fund and applied to the payment of the <br /> principal of and interest on the Bonds until 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 remaining Bonds and <br /> the interest due thereon, the City shall pay the Bonds when due <br /> and the interest thereon and reimburse itself by collecting the <br /> unpaid assessments due the District. <br /> Section 11. Prior Redemption. When the City Treasurer <br /> has funds in the Bond Fund exceeding six months' interest on the <br /> unpaid principal of the Bonds issued and outstanding, he shall <br /> call in, by advertisement once a week for three consecutive weeks <br /> in some newspaper of general circulation in the City, a suitable <br /> number of Bonds for payment; provided however, that the amount 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 expiration of thirty (30) days from the first publication of <br /> such notice, interest on the Bonds so called shall cease. The <br /> notice shall specify by number the Bonds so called, and all Bonds <br /> shall be paid in their numerical order. In addition, notice shall <br /> be given by the Bond Registrar by mailing a copy of such notice by <br /> first class mail (postage prepaid) , not less than thirty (30) days <br /> prior to the date fixed for redemption, to the registered owner of <br /> - 36 - <br />