RES 67055 - Laserfiche WebLink

20 only for definitive Bonds of the same aggregate principal amonnt with. the same maturity or maturities, and bearing interest at the same rate or rates, as are provided for in said temporary Bonds. Temporary Bonds shall be exchangeable from time to time at the office of the Fiscal Agent, without expense to the holder, for temporary Bonds or for definitive Bonds of like aggregate principal amount, when prepared, of the same series, character and serial maturity as the case may be and of the denominations authorized. All temporary Bonds so surrendered shall be cancelled by the Fiscal Agent. Without unnecessary delay the City will execute and will · furnish such definitive Bonds, to be exchanged at the office of the Fiscal Agent for said temporary Bonds upon surrender thereof to the Fiscal Agent. The definitive Bonds shall be lithographer or engraved, in whole or in part, except that the text of the bonds may be printed or reproduced from type composition comparable as nearly as practicable to marketable corporate bonds of like character. In connection with any exchange of temporary Bonds for definitive Bonds hereunder, the Fiscal Agent may make appropriate arrangements with any Paying Agent appointed by the City in connection wi~ any series of Bonds issued here- under so that any holder may at his option deliver Bonds for exchange and receive, free of expense to such holder, Bonds on any such exchange at the office of any such Paying Agent. ARTICLE III ISSUE OF SERIES A BONDS; ADDITIONAL BONDS ~- SECTION 3.01. Issuance o] Series A Bonds. At any time after the adoption of this Resolution, the City may sell and deliver Series A Bonds in the aggregate principal amount of four hundred thousand dollars ($400,000). SECTION 3.02. Application of Proceeds.of Sale of Bon.d~; Construction Fund. Upon the receipt of payment for any of the Bonds when the same shall have been duly sold by the City, the proceeds from such sale shall be paid to the Fiscal Agent and the Fiscal Agent shall set aside and deposit the proceeds received from such sale in thc following respective funds and in thc following order of priority: (a) The Fiscal Agent shall deposit in the Interest A¢co?~nt established pur- suant to Section 4-.03 a sum equal to the amount of accrued interest received upon the sale of the Bonds. (b) The Fiscal Agent shall deposit in the Reserve Account established pur- suant to Section 4.03, (i) from thc proceeds of sale of the Series A Bonds, a sum equal to the Maximum Annual Debt Service, and (ii) from the proceeds of sale of any series of Bonds other than Series A, the amount, if any, required to be de- posited in the Reserve Account by the Supplemental Resolution providing for the issuance of such series of Bonds. (c) The Fiscal Agent shall deposit or transfer such portion of the proceeds of sale of any series of Bonds other than Series A in or to such fund, if any, as