Ordinance 4113 - Laserfiche WebLink

to any lien, benefit or security of this ordinance except the right to receive the funds so set aside and pledged, and the Bonds and such coupons shall be deemed not to be outstanding hereunder. It is hereby provided, however, that such money and/or direct obligations of the United States of America will not be so set aside to effect such advance refunding unless the same are so set aside under an agreement with a bank or trust company having an officially reported combined capital, surplus , undivided profits and reserves aggregating at least $2 ,500,000 , pursuant to which such bank or trust company agrees to safeguard such money and/or obligations and to indemnify the City completely for any loss or disappearance of the same or any part thereof, regardless of its own negligence . Section 6-A. The April 1, 1963 Prior Lien Bonds were issued for the purpose of redeeming and retiring the outstanding October 1, 1957 , April 1, 1960, April 1, 1961 and December 15 , 1961 water revenue bonds of the City . Pursuant to ordinances of the City duly and regularly adopted, money and direct obligations of the United States of America have been set aside in the bond redemption funds created for the pur- pose of paying such outstanding bonds , and are held in trust for the sole purpose of paying the principal thereof and interest thereon as the same shall become due to and including the date they may be first called for redemption, and for redeeming and retiring the same on such first redemption dates . The City by ordinances also duly and regularly adopted has called all of such outstanding bonds for re- demption and retirement on such first redemption dates . 8.