Ordinance No. 19313 - Laserfiche WebLink

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any similar law} for submitting a proposed budget document to the Budget Committee for any successor entity} and by the date required by law for the adoption of its budget and the making of such appropriations, the City shall furnish to the Trustee certified copies of the proposed and adopted budgets, respectively, and of the action of the City,Council approving and adopting the budget and making the appropriation. The City shall apply to the appropriations made, any funds received from the Agency for Rental Payments, but the City may use any other sources of funds for payment of Rental Payments but shall not be required to levy additional property taxes far the payment of Rental Payments. Section 7. Creation of Special Trust Funds. The City does approve of the creation of an Interest Fund to which the City shall ~~ deposit semi-annually, as provided in the Lease-Purchase Agreement dated as of June 1, 19$1, and amended as of March 1, 1985 between ~ the City and. the Trustee the "Lease Agreement"}, an amount not less than the amount required to pay the interest due on the Advance Refunding Certificates on the .next forthcomin interest g payment date. The City does approve of the creation of a Principal Fund to which the City shall deposit semi--annually, as provided in the Lease Agreement, an amount not less than the amount required ~. for the payment of the principal of the Advance Refunding Certificates to be retired at the next forthcoming principal maturity date. In determining the amounts required for the monthly r deposits the City may consider any other sums then on deposit in the respective fund for the payment of principal of and interest on L the Advance Refunding Certificates. The funds so deposited are pledged irrevocably to be used only to pay the interest of and the principal on the Advance Refunding Certificates. The City does ~~~ approve of the creation of a Debt Service Reserve Fund as E additional security for the Advance Refunding Certificates. The amount in this fund shall not exceed the maximum annual debt service due in any of the maturity years of the Advance Refunding Cert~.ficates. The City does approve of the creation of a E Construction Fund to be utilized as provided in the Refunding Trust ~~ Indenture dated as of March 1, 1985 between the City and the _~ Trustee the "Refunding Indenture"}. ~ Section 8. Investment of Funds. The moneys in the Special Trust Funds shall be invested as prescribed by Oregon Revised f Statutes 294.035 for the investment of surplus funds of political ~ subdivisions. Earnings of the Special Trust Funds shall accrue to the Construction Fund until completion of the Project, at which time future investment earnings on all Special Trust Funds shall be deposited to the Principal Fund. Section 9. Optional Redemption. The City approves of the right to call and er deem ~~~any or all of the outstanding Advance Refunding Certificates, as a whole or in part, in inverse numerical order of maturity and by lot within a maturity on any interest payment date on or after June 1, 1994 at the redemption prices ORDINANCE ~- PAGE 4.