Ordinance 3700-19 - Laserfiche WebLink

amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of: (1) Interest on the 2014 Bonds as such becomes due on and prior to the Call Date; and (2) The redemption price (100% of the principal amount) of the 2014 Bonds payable on the Call Date. (b) Escrow Agent/Escrow Agreement. The Chief Financial Officer is hereby authorized in her discretion to appoint a qualified banking association to act as the escrow agent (the "Escrow Agent") for the 2014 Bonds. A beginning cash balance, if any, and Acquired Obligations shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the 2014 Bonds. The proceeds of the Bonds after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations and expenses of the issuance of the Bonds. In order to carry out the purposes of this section, the Chief Financial Officer is authorized and directed to execute and deliver to the Escrow Agent, an Escrow Deposit Agreement and a Cost of Issuance Agreement, each substantially in the forms attached hereto as Exhibit A and Exhibit B, respectively. (c) Implementation of Refunding Plan. The City hereby irrevocably calls the 2014 Bonds for redemption on the Call Date in accordance with the provisions of the 2014 Bond Ordinance. Said defeasance and call for redemption of the 2014 Bonds shall be irrevocable after the final establishment of the escrow account and delivery of the Acquired Obligations to the Escrow Agent. -19- 502395238 v2