Resolutions-2012-37

Section 7. The Bonds shall be executed as herein provided as soon after the adoption of this resolution as may be possible, and thereupon they shall be delivered to the Registrar for registration, authentication and delivery to or on behalf of the Underwriter, upon receipt of the loan proceeds, including amounts attributable to premium and accrued interest (the “Loan Proceeds”), and all action heretofore taken in connection with the Loan Agreement is hereby ratified and confirmed in all respects. A portion of the Loan Proceeds, $4,734,060.75 (the “Project Proceeds”), received from the sale of the Bonds shall be deposited in a dedicated fund (the “Project Fund”), which is hereby created, to be used for the payment of costs of the Project, and to the extent that Project Proceeds remain after the full payment of the costs of the Project, such Project Proceeds shall be transferred to the Debt Service Fund for the payment of interest on the Bonds. A portion of the Loan Proceeds, in the amount of $2,650.14 (accrued interest) will be deposited into the Debt Service Fund for payment of interest on the Bonds. A portion of the Loan Proceeds, $1,285,731.25 (the “Current Refunding Proceeds”) received from the sale of the Bonds shall be deposited into a separate and segregated fund and used to carry out the Current Refunding within 90-days of September 12, 2012. The City shall keep a detailed and segregated accounting of the expenditure of, and investment earnings on, the Project Proceeds and the Refunding Proceeds to ensure compliance with the requirements of the Internal Revenue Code, as hereinafter defined. Section 8. For the purpose of providing for the levy and collection of a direct annual tax sufficient to pay the principal of and interest on the Bonds as the same become due, there is hereby ordered levied on all the taxable property in the City in each of the years while the Bonds are outstanding, a tax sufficient for that purpose, and in furtherance of this provision, but not in limitation thereof, there is hereby levied on all the taxable property in the City the following direct annual tax for collection in each of the following fiscal years: For collection in the fiscal year beginning July 1, 2013, sufficient to produce the net annual sum of $520,905; For collection in the fiscal year beginning July 1, 2014, sufficient to produce the net annual sum of $521,605; For collection in the fiscal year beginning July 1, 2015, sufficient to produce the net annual sum of $522,255; For collection in the fiscal year beginning July 1, 2016, sufficient to produce the net annual sum of $522,855; For collection in the fiscal year beginning July 1, 2017, sufficient to produce the net annual sum of $523,405; For collection in the fiscal year beginning July 1, 2018, sufficient to produce the net annual sum of $528,005;