81-144 Ordinance - Laserfiche WebLink

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all legal requirements. The Clerk of Council shall furnish to the Original Purchaser a true transcript of proceedings certified by her of all proceedings had with reference to the issuance of the Project Bonds along with such information for the records as is necessary to determine the regularity and validity of the issuance of said Bonds. The Issuer has not confirmed, and assumes no responsibility for, the accuracy, completeness or fairness of any of the statements in the Preliminary or Final Offering Circular or any supplements thereto, or in any reports, financial information, offering or disclosure docu- ments or other information in any way relating to the facilities being financed, the Company, the-:Original Purchaser or the Bank. The use and distribution of the Preliminary Offering Circular and the Final Offering Circular and any supplement thereto is hereby authorized. Section 6. Allocation of Proceeds of Pro'ect Bonds - Con- struction Fund. All of the proceeds from the sale of the Project Bonds (including accrued interest thereon) shall be allocated, deposited and -credited as follows: (a) To the Bond Fund, accrued interest, if any, paid by the Original Purchaser. (b) To the Construction Fund, the balance of the proceeds of the Project Bonds. There is hereby created by the Issuer and ordered maintained as a separate deposit account (except when invested as hereinafter provided) in the custody of the Trustee a trust fund in the name of the Issuer to be designated "City of North Olmsted, Ohio - West Shore Cable TV Project Construction Fund" (the "Construction Fund"). Moneys in the Construction Fund may be invested as provided in Section 12 hereof and shall be disbursed in accordance with the provisions of the Agreement. The Trustee is authorized and directed to make any such disbursement from the Construction Fund in accordance with the provisions of the Agreement. The moneys to the credit of the Construction Fund shall, pending disbursement as above set forth, be subject to a lien and charge in favor of the holder of the Project Bonds. Section 7. Source of Payment - Bond Fund. As provided in the Agreement, Loan Payments sufficient in time and amount to become Pledged Receipts to pay the Bond service charges as they come due are to be paid by or caused to be paid by the Company to the Trustee for the account of the Issuer and deposited in the Bond Fund. There is hereby created by the Issuer and ordered maintained as a separate deposit account (except when invested as hereinafter provided) in the custody of the Trustee a trust fund to be designated "City of North Olmsted, Ohio - West Shore Cable TV Project Revenue Bond Fund" (the "Bond Fund"). The Bond Fund (and accounts therein provided for in the Indenture or in the Agreement) and the moneys and investments therein are hereby pledged to and shall be used solely and exclusively BR-13