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be needed. Any part of the proceeds of the Improvement Bonds remaining in the 2023 <br />Construction Account after all costs of the Projects have been paid (including costs of issuance) <br />shall be transferred to the Revenue Bond Fund for the uses and purposes therein provided. <br />(c) Designation of Refunded Bonds. As outlined in the recitals to this ordinance, <br />certain principal maturities of the Refunding Bond Candidates may be called for redemption <br />prior to their scheduled maturities. All or some of these bonds may be refunded and defeased <br />with the proceeds of the Refunding Bonds authorized by this ordinance. As provided in <br />Section 15, the Designated Representative may select some or all of the Refunding Bond <br />Candidates and designate those Refunding Bond Candidates as the "Refunded Bonds" in the <br />Official Statement. <br />(d) Refunding Plan. A portion of the proceeds of sale of the Refunding Bonds, <br />together with other funds, if any, provided by the City, upon the determination of the Designated <br />Representative, may be remitted to the bond registrar for the Refunded Bonds or, upon the <br />election of the Designated Representative, remitted to the Escrow Agent and shall be used for the <br />purpose of defeasing the Refunded Bonds and, at the option of the Designated Representative, <br />paying related costs of issuance. If the proceeds of sale are remitted directly to the bond registrar <br />for the Refunded Bonds, the proceeds shall be held uninvested and used promptly to redeem the <br />Refunded Bonds on the Call Date. If the proceeds of sale are remitted to the Escrow Agent, <br />money received by the Escrow Agent from Bond proceeds and other money provided by the City <br />shall be used immediately by the Escrow Agent upon receipt thereof in accordance with the <br />terms of the Escrow Agreement, if any, to defease the Refunded Bonds as authorized by the 2013 <br />Bond Ordinance and pay allocable costs of issuance of the Bonds. The Escrow Agent, if any, <br />shall hold such funds as cash or purchase certain Government Obligations (which obligations so <br />-56- <br />506242089.1 <br />