55B - RESO - WARNER ASSESSMENT DISTRICT

Home Browse Search

(C) Deposit in the Improvement Fund the amount of $ , being the remaining Proceeds of the Bonds to be paid on the Closing Date by the Original Purchaser. Section 3.03 Improvement Fund. (A) Establishment of Improvement Fund, There is hereby established, as a separate fiord to be held by the Fiscal Agent, the "Assessment District No. 2015 -01 of the City of Santa Ana Improvement Bonds Improvement Fund," to the credit of which a deposit shall be made as required by paragraph (D) of Section 3.02 hereof. Moneys in the Improvement Fund shall be held by the Fiscal Agent for the benefit of the Owners of the Bonds, shall be disbursed, except as otherwise provided in subsection (D) of this Section 3.03, for the payment or reimbursement of the costs of the design, acquisition and construction of the Project and, pending such disbursement, shall be subject to a lien in favor of the Owners of the Bonds. (B) Procedure for Disbursement. Disbursements from the Improvement Fund shall be made by the Fiscal Agent upon receipt of an Officer's Certificate which shall: (1) set forth the amount required to be disbursed, the purpose for which the disbursement is to be made and the person to which the disbursement is to be paid; and (2) certify that no portion of the amount then being requested to be disbursed was set forth in any Officer's Certificate previously filed with the Fiscal Agent requesting disbursement, and that the amount being requested is an appropriate disbursement from the Improvement Fund. (C) Investient. Moneys in the Improvement Fund shall be invested and deposited in accordance with Section 6.01 hereof. Investment Earnings shall be retained by the Fiscal Agent in the Improvement Fund to be used for the purposes of such fiord. (D) Closing of Fund. Upon the filing of an Officer's Certificate stating that the Project has been completed and that all costs of the Project have been paid or are not required to be paid from the Improvement Fund, and further stating that moneys on deposit in the Improvement Fund are not needed to complete the Project or reimburse the cost thereof, the Fiscal Agent shall transfer the amount, if any, remaining in the Improvement Fund to the City, and the City shall apply such amount as provided in Section 10427.1 of the California Streets and Highways Code. (E) Officer's Certificate. Upon receipt of an Officer's Certificate delivered pursuant to this Section 3.03, the Fiscal Agent is authorized to act thereon without further inquiry and shall not be responsible for the accuracy of the statements made in such Officer's Certificate or the application of the funds disbursed pursuant thereto, and shall be absolutely protected and incur no liability in relying on such Officer's Certificate. Section 3.04 Cost of Issuance Fund. (A) Establishment of Cost of Issuance Fund. There is hereby established, as a separate account to be held by the Fiscal Agent, the "Assessment District No. 2015 -01 of the City of Santa Ana Improvement Bonds Cost of Issuance Fund" to the credit of which a deposit sm 55B -38