RES 68149 - Laserfiche WebLink

and deliver Series B Bonds in the aggregate principal amount of not to exceed three hundred fifty thousand dollars ($350,000). Upon the receipt of payment for any of the Series B Bonds when the same shall have been duly sold by the Council, the proceeds from such sale shall be paid to the Fiscal Agent and the Fiscal Agent shall forthwith set aside and deposit the proceeds received from such sale in the following respective funds and in the following order of priority: (a) ~rhe Fiscal Agent shall deposit in the Interest Account established pursuant to Section 4.03 of the Resolution a sum equal . to the amount of accrued interest received upon the sale of the Series B Bonds. (b) The Fiscal Agent shall deposit in the Reserve Account established pursuant to Section 4.03 of the Resolution an amount sufficient to increase the balance then in the Reserve Account to an amount equal to the Maximum Annual Debt Service thereafter on all Bonds then outstanding, including the Series B Bonds. (c) The Fiscal Agent shall set aside and transfer the re- mainder of such proceeds to the Director of Finance and the Direc- tor of Finance shall deposit said remainder in and for the purposes of the Construction Fund created by Section 3.02(d) of the Resolu- tion; provided, however, that any balance remaining in the Con- struction Fund after the date of completion of the acquisitio~n, construction, improvement and financing of the improvements to the Enterprise, and, with respect to any balance from the proceeds of the sale of the Series B Bonds, in any event no later than May 1, 1973, shall be transferred to the Fiscal Agent for deposit in the Reserve Account to the extent necossaxy at that time to re- store the Reserve Account to the amount required by the provi- sions hereof and any remaining balance shall be deposited by the Fiscal Agent in the Revenue Fund and applied as provided in Section 4.03 of the Resolution. SECT~O~ 10.06. Terms of Series B Bonds Subject to the Resolu- tion. Except as in this First Supplemental Resolution expressly pro- vided, every term and condition contained in the Resolution shall apply to this First Supplemental Resolution and to the Series B Bonds with