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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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deposits in, any bank having a capital and surplus of not less than <br />$1,000,000.00. Such investments shall be made so as to mature on or <br />prior to the date o.: dates that the Commission anticipates monies there- <br />from will be required to be paid a: cording to the terms of this Indenture <br />of Trust and /or the construction contract. The Trustee will not be liable <br />or responsible for any loss resulting from any such investment, except by <br />willful neglect or bad faith. <br />The City, the Commission, and the Trustee hereby covenant and agree <br />that the proceeds From the sale of the Bonds, amounts received in respect to <br />property directly or indirectly financed with any proceeds of such Bonds, and <br />proceeds from ir.ta est earned on the investment and -reinvestment of such proceeds <br />and amounts, may not be invested or otherwise used in a manner which, if such use <br />had been reasonably expected on the date of issue of such Bonds, would have <br />caused such Bonds to be "Arbitrage Bonds ", within the meaning of Section 103(d) of <br />the Internal Revenue Code, or any of the regulations or rules adopted pursuant <br />to Section 103(d) and that such investment or other use shall comply with Sec- <br />tion 103(d) of the Internal Revenue Code and such regulations and rules adopted <br />pursuant to Section 103(4) as may be applicable. <br />Section 4.5: The Commission shall require, and the general contractor shall <br />furnish, progress reports as to the construction of the Facility. Said progress <br />reports shall establish the anticipated and projected schedule of completion of <br />the Facility, and shall show the actual progress as per the dates of the said <br />progress reports. The progress reports shall be furnished every thirty (30) <br />days during construction. <br />Section 4.0: The Trustee shall keep and maintain records as to all accounts, <br />including the investment of funds, and said records shall_ be open to inspection <br />by the Commission or its duly authorized representative, and the Trustee shall <br />render periodic aecocntings eve.ry thirty (30) days. <br />- 7 - <br />
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