2023/04/05 Council Agenda Packet

purchased, are herein called "Acquired Obligations"), bearing such interest and maturing as to principal and interest in such amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of: (1) Call Date; and Interest on the Refunded Bonds as such becomes due on and prior to the (2) The redemption price (100% of the principal amount) of the Refunded Bonds payable on the Call Date. (e) Escrow Agent/Escrow Agreement. If the Designated Representative determines to utilize the services of an Escrow Agent, U.S. Bank Trust Company, National Association, Seattle, Washington, will be appointed as the escrow agent (the "Escrow Agent") for the Refunded Bonds. A beginning cash balance and Acquired Obligations, if any, shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Refunding Bonds remaining 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 Refunding Bonds. At the election of the Designated Representative, he/she is authorized to execute and deliver to the Escrow Agent an Escrow Deposit Agreement in form and substance satisfactory to the Designated Representative. Further, the Designated Representative also may enter into a Costs of Issuance Agreement in form and substance satisfactory to him/her. (f) Implementation of Refunding Plan. The City hereby irrevocably calls the Refunded Bonds for redemption on the Call Date in accordance with the provisions of the 2013 Bond Ordinance Said defeasance and call for redemption of the Refunded Bonds shall be irrevocable after the issuance of the Refunding Bonds and delivery of sufficient proceeds to the -57- 506242089.1