RES 88015 - Laserfiche WebLink

adjacent to Koll Center Parkway and Koll Center Drive; and the construction of a sewer system, subdrain system and storm drainage system, together with all work auxiliary to any of the above and necessary to complete the same. After provision has been made for the payment of the costs of issuing the Bonds and for funding of the Reserve Fund, the balance of the proceeds from the sale of the Bonds will be placed in the improvement fund established for the Assessment District and disbursed therefrom, as provided for in the 1913 Act, for the acquisition of the Project and other related costs including planning and engineering work. Sources and Application of Funds Rede applied as follows: Sources of Funds Principal Amount of Bonds $6,200,000.00' Less: Bond Discount (186,000.00) Net Bond Proceeds $6.014,000.00 Total Sources of Funds $6,014,000.00 Application of FUndS Improvement Fund $5,210,000.00 Reserve Fund 3 10,000.00 Redemption Fund - Capitalized Interest 310,000.00 Incidental Costs and Costs of Issuance 184,000.00 Total Application of Funds $6,014,000.00 Investment Earnings The resolution authorizing the issuance of the Bonds provides that the proceeds of the investment of amounts in the Improvement Fund, the Reserve Fund, and the Redemption Fund will be deposited into a special holding fund (the "Investment Earnings Fund"). On or about Jul 1 of each year (and at such other times as may be required by applicable law) the Finance [Y)irector shall determine whether any onion of such earnin s must be rebated to the United States pursuant to Section 148 of the ~nited States Internhal Revenue Code of 1986 and regulations adopted thereunder (rules limiting arbitrage). Any amount required to be so rebated will be transferred from the Investment Earnings Fund to a special fund from which rebates will be made, and the balance will be transferred to the Improvement Fund or, upon acquisition of the Project, to the Redemption Fund to be applied as a credit to the next installment of principal and interest to be collected from owners of assessed land. * Subject to change.