RES 90021 - Laserfiche WebLink

be affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar. The paying agent shall assign to each bond authenticated and registered by it a distinctive letter, or number, or letter and number, and shall maintain a record thereof which shall be available to the City for inspection. Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of bonds and payment of interest and principal on the bonds, there are hereby established five funds to be known as the improvement fund, the redemption fund, the special reserve fund, the investment earnings fund and the arbitrage rebate fund, respectively, for Assessment District No. 1986-9, North Pleasanton Improvement District No. 3. Section 5.1. IMPROVEMENT FUND. Except as provided in Section 5.3, proceeds of sale of the Series C bonds, together with all amounts paid on the Series C assessments before bond issuance, shall be deposited in the improvement fund to be maintained by the Director of Finance. Disbursements from the improvement fund shall be made by the Director of Finance in accordance with the budget of estimated costs and expenses set forth in the amended engineer's report heretofore approved by the City Council, which report and budget are subject to modification by the city Council from time to time as prescribed by the Act.