85-128 Ordinance - Laserfiche WebLink

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shall represent or constitute a debt or pledge of the faith and credit or the taxing power of the Issuer, and each Bond shall contain on the face thereof a statement to that effect. Nothing herein shall be deemed to prohibit the Issuer, of its own volition, from using, to the extent it may be lawf ully authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions or obligations of trie Indenture, the Bond Legislation or the Bonds. Section 6. Sale of Bonds. The Bonds are hereby sold and awarded to the Original Purchaser, in accordance with its offer therefor in the Bond Purchase Agreement, at a purchase price of 100$ of the principal amount of the Bonds being purchased by it, aggregating $450,000, plus accrued interest (if any) from the date of the Bonds to their date of delivery to the Original Purchaser. The Executive and the Fiscal Officer are authorized and directed to make on behalf of the Issuer the necessary arrangements with the Trustee and the Original Purchaser to establish the date, location, procedure and conditions for the delivery of the Bonds to the Original Purchaser, and to take all steps necessary to effect due execution, authentication and delivery to the Original Purchaser of the Bonds purchased by it under the terms of this Bond Legislation, the Indenture and the Bond Purchase Agreement. It is hereby determined that the price for and the terms of the Bonds, and the sale thereof, all as provided in this Bond Legislation and the Bond Purchase Agreement, are in the best interest of the Issuer and consistent with all legal requirements. Section 7. Allocation of Proceeds of Bonds - Project 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 in the name of the Issuer to be designated "City of North Olmsted, Ohio - Don F. Schmidt, Doris L. Schmidt, Alan R. Kaserman and Pauline H. Kaserman Project Fund". All of the sums from the sale of the Bonds, except accrued interest, if any, received upon the sale of the Bonds to the Original Purchaser, shall be deposited in the Project Fund and disbursed by the Trustee in accordance with the Loan Agreement. The Trustee is authorized and directed to make each such disbursement. The moneys to the credit of the Project Fund (including the proceeds from the sale of investments thereof) shall, pending applications thereof as above set forth, be subject to a lien and charge in favor of the Bondholders. Section 8. Source of Payment - Bond Fund. As provided in the Agreement, Note Payments, sufficient in time and amount to pay the Bond Service Charges as they come due, are to be paid by the Borrowers directly to the Trustee for the account of the Issuer and deposited in the Bond Fund. -13-