Section 70.262
The proceeds of the sale of the bonds authorized to be issued by Ordinance No. 48 shall be deposited in the Mayville State Bank, Mayville, Michigan, a bank insured by the Federal Deposit Insurance Corporation. From the proceeds of sale of the bonds there shall be immediately transferred to the bond and interest redemption fund the accrued interest and premium, if any, received on sale and delivery of the bonds, as well as such amount as will be necessary to pay interest for the period for which interest is capitalized, and to the operation and maintenance fund the amount of such capitalized expenses. The balance of such proceeds shall be applied solely in payment of the cost of the public improvement described in Ordinance No. 48 and any engineering, legal and other expenses incident thereto and to the financing thereof. Payments for 7/27/26, 10:12 AM Mayville, MI Code of Ordinances about:blank 170/202 (b) (1) (2) construction, either on account or otherwise, shall not be made unless the registered engineer in charge of such work shall file with the village council a signed statement to the effect that the work has been completed in accordance with the plans and specifications therefor, that it was done pursuant to and in accordance with the contract therefor, and that such work is entirely satisfactory. Any unexpended balance of the proceeds of sale remaining after completion of such public improvement shall be paid into the bond and interest redemption fund and shall be used for the redemption of callable bonds, or, prior to the first call date only, purchasing bonds on the open market at not more than the fair market value thereof and at a price in any event not exceeding the first call price. (Comp. Ords. 1987, § 25.066)