Ordinance 3700-19 - Laserfiche WebLink

be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and delivered hereunder and are entitled to the benefits of this ordinance. In case either of the officers who shall have executed the Bonds shall cease to be an officer or officers of the City before the Bonds so signed shall have been authenticated or delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond may be signed and attested on behalf of the City by such persons who at the date of the actual execution of such Bond, are the proper officers of the City, although at the original date of such Bond any such person shall not have been such officer of the City. Section 7. Refunding Plan and Procedures. (a) Refunding Plan. A portion of the proceeds of sale of the Bonds, together with other funds, if any, provided by the City shall be used by the City directly or delivered to the Escrow Agent, at the option of the Chief Financial Officer, for the purpose of defeasing the 2014 Bonds and paying related costs of issuance. If the City determines to utilize the service of an Escrow Agent, then money received by the Escrow Agent from Bond proceeds and other money provided by the City shall be used immediately by the Escrow Agent upon receipt thereof in accordance with the terms of the Escrow Agreement to defease the 2014 Bonds as authorized by the 2014 Bond Ordinance, and pay costs of issuance of the Bonds. If the City determines to establish an escrow, the City shall defease the 2014 Bonds and discharge such obligations to purchase certain Government Obligations (which obligations so purchased, are herein called "Acquired Obligations"), bearing such interest and maturing as to principal and interest in such -18- 502395238 v2