2023/04/05 Council Agenda Packet

bond registrar for the Refunded Bonds or the required cash and/or Acquired Obligations to the Escrow Agent. The Designated Representative or the Escrow Agent on his/her behalf is hereby authorized and directed to provide for the giving of notices of the defeasance and the redemption of the Refunded Bonds in accordance with the applicable provisions of the 2013 Bond Ordinance The Finance Director -Treasurer is authorized and requested to provide whatever assistance is necessary to accomplish such redemption and the giving of notices therefor. The costs of publication of such notices shall be an expense of the City. The City will take such actions as are found necessary to see that all necessary and proper fees, compensation and expenses of the Escrow Agent, if any, for the Refunded Bonds shall be paid when due. The City hereby irrevocably sets aside for and pledges to the payment of the Refunded Bonds the required funds to the bond registrar for the Refunded Bonds or moneys and obligations to be deposited with the Escrow Agent pursuant to the Escrow Agreement to accomplish the plan of refunding and defeasance of the Refunded Bonds set forth herein and in the Escrow Agreement, if any. When all of the Refunded Bonds shall have been redeemed and retired, the City may cause any remaining money to be transferred to the Revenue Bond Fund for the purposes set forth above. Section 17. Undertaking to Provide Ongoing Disclosure. The Finance Director - Treasurer is hereby authorized to enter into a written undertaking for the benefit of the owners of the Bonds as required by Section (b)(5) of the Rule (the "Continuing Disclosure Agreement"). -58- 506242089.1