86-064 Ordinance - Laserfiche WebLink

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Issuer the necessary arranqements with the Trustee and the Original Purchaser to establisn the date, location, procedure and conditions for tne 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 ot 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 ot Proceeds of Bonds - Project Account. There is hereby created by the Issuer and ordered maintained, as a separate deposit account (except when investea 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 - Jack anci Jacqueline Boss Project Fund". Al1 of the sums from the sale of the Bonas, except accruea interest, ii any, received upon the sale of the Bonds to the Original Purchaser, shall be depositea 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 ctisbursement. The moneys to the credit of the Project Fund (including the proceeas trom 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. There are hereby created by the Issuer and ordered maintained, two separate sub-accounts in the Project Fund designated the "Acquisition Sub-Account" ancf the "Construction 5ub-Account." All proceeas from the sale of the Bonds deposited in the Project Fund snall be apportioned between the two accounts at tne direction of the Borrower. The proceeds to be used to acquire Project facilities shall be deposited in the Acquisition Sub-Account and the proceeds to be used to construct Project facilities shall be deposited into the Construction Sub-Account. The amounts on deposit in such sub-accounts, together with any investment earninqs thereon, shall be kept separate and not comingled unless the Trustee receives an opinion of Bond Counsel that any such cominqlinq will not adversely affect the tax-exempt status ot interest on the Series 1986 Bond. 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. -15-