RES 67055 - Laserfiche WebLink

21 is required by the Supplemental Resolution providing for the issuance of such series of Bonds. (d) The Fiscal Agent shall set aside and transfer the remainder of the pro- ceeds of sale of the Bonds authorized by this Resolution to the Director of Finance and the Director of Finance shall deposit said remainder in a separate fund to be known as the "City of Pleasanton 1967 Water Revenue Bond Construction Fund" (hereinafter called the "Construction Fund"), which fund the City hereby covenants to establish and maintain. The moneys in the Construction Fund shall be used in the manner .provided by law for the purpose of paying the costs of the acquisition, construction, improvement and financing of the improvements to the Enterprise described in the measure set forth in Section 1.01, including payment of all costs incidental to or connected with the acquisition, construction, improvement or financ- ing of the improvements to the Enterprise, all engineering, inspection, legal and fiscal agent's fees, and costs of the issuance of the Bonds, and reimbursement to the City for all funds advanced by the City after said special revenue bond election for the acquisition, construction, improvement or financing of any of said improve- ments to the Enterprise. Any balance remaining in the Construction Fund after the date of completion of the acquisition, construction, improvement and financing of said improvements to the Enterprise, and, with respect to any balance from the proceeds of the sale of the Series A Bonds, in any event no later than May 1, 1971, shall be transferred to the Fiscal Agent for deposit in the Reserve Account to the extent necessary at that time to restore the Reserve Account to the amount required by the provisions hereof and any remaining balance shall be deposited by the Fiscal Agent in the Revenue Fund and applied as provided in Section 4.03. SEcx~oN 3.03. Issuance of Additional Series o! Bonds. In addition to the Series A Bonds, the Council may by Supplemental Resolution establish one or more other series of Bonds, and the City may issue and deliver Bonds of any series so established, in such principal amount as ~hall be determined by the Council, but only upon compliance by the City with the provisions of Section 3.04, and subject to the following Specific conditions, which are hereby made conditions precedent to the issuance of any such additional series of Bonds: (a) The City shall be in compliance with all covenants set forth in this Resolution. (b) The Supplemental Resolution providing for the issuance of such addi- tional series of Bonds shall require that the Reserve Account be increased forth- with upon the receipt of the proceeds of the sale of said Bonds to an amount at least equal to the Maximum Annual Debt Service on Bonds then outstanding and on the Bonds of such additional series. Said deposit may be made from such proceeds or from the Surplus Revenue Account or from both such sources or any other source, as provided in said Supplemental Resolution. (c) The Bonds of such additional series shall be payable as to principal on May 1 of each year in which principal falls due, and shall be payable as to interest