Laserfiche WebLink
SECTION 4, FUNDS <br />4.1, Air ort Construction Fund. <br />4.1.1. ~ On or before the .date of delivery of and <br />payment far the Series 1988 Bonds, the City shall create and <br />establish hereunder a fund, which shall be held and administered <br />by the-City and shall be designated "The City of Eugene Airport <br />Construction Fund" the "Airport Construction Fund"~. The moneys <br />credited to the Airport Construction Fund shall be used and <br />applied solely to the payment of Airport Costs. There shall be <br />deposited in the Airport Construction Fund: <br />~a~ that amount of the proceeds of each series of <br />Bonds which are to be used to pay Airport Costs, and <br />fib} grants-in-aid from the Federal Government if and <br />to the extent required by Section 5.2.7 hereof. <br />4,1.x, The City shall withdraw money from the <br />Airport Construction Fund only to pay for Airport Costs. <br />4.1,3. In the event that the interest on any Bonds <br />is to be paid from the proceeds of such Bonds, the City shall <br />transfer to the Trustee from the Airport Construction Fund for <br />credit to the Debt Service Account the amounts which are <br />described in the Capitalized Interest Certificates, no later than <br />fifteen days prior to the dates described in the Capitalized <br />Interest Certificate. <br />4.1.4. Money credited to the Airport Construction <br />Fund shall be invested and reinvested by the City in Permitted <br />Investments maturing in such amounts and at such times as <br />anticipated by the City that such moneys will be available to pay <br />the Airport Costs to be satisfied from such fund, The income <br />derived from such investments shall be credited to the Airport <br />Construction Fund, to be used in the same manner as other money <br />credited to such fund. <br />4.1,5. Whenever all Airport Costs to be paid from <br />the Airport Construction Fund have been paid in full, or the <br />amount necessary for such payment has been set aside in such <br />AirportfCanstruction Fund for such purpose, any Bond proceeds <br />including earnings on Bond proceeds credited to the Airport <br />Construction Fund shall be transferred to the Trustee for deposit <br />in the Debt Service Reserve Account, unless and until there is on <br />credit to such account an amount equal to the Reserve <br />Requirement. Except as provided below, any remaining Band <br />proceeds shall be held and used to redeem the Bonds from which <br />the proceeds came on the earliest practicable date. If the City <br />provides the Trustee with a written opinion of nationally <br />recognized band counsel which describes the proposed uses of the <br />Page 24 - Ordinance <br />