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Said defeasance and call for redemption of the Refunded Bonds shall be irrevocable after <br /> the final establishment of the Refunding Account and delivery of the Acquired Obligations and <br /> the requisite cash deposit, if any, to the Escrow Agent, except as provided herein relating to the <br /> substitution of securities. <br /> The Escrow Agent is hereby authorized and directed to notify the paying agent for the <br /> Refunded Bonds to give notice of the redemption thereof in accordance with the applicable <br /> provisions of Ordinance No. 1433-88. The City Clerk, Treasurer and the Finance Director are <br /> authorized and requested to provide whatever assistance is necessary to accomplish such <br /> redemption and the giving of notice therefor. The costs of publication of such notice shall be an <br /> expense of the City, payable from proceeds of the Bond. <br /> The Escrow Agent is hereby authorized and directed to pay to the fiscal agency of the <br /> State of Washington, as paying agent for the Refunded Bonds, sums sufficient to pay, when due, <br /> the payment specified in subparagraph (a) of Section 12 above. All such sums shall be paid from <br /> the money and Acquired Obligations deposited with said Escrow Agent pursuant to Section 12 of <br /> this ordinance, and the income therefrom and proceeds thereof. All such sums so paid shall be <br /> credited to the Refunding Account. All money and Acquired Obligations deposited with said <br /> bank and any income therefrom shall be held, invested and applied in accordance with the <br /> provisions of this ordinance and with the laws of the State of Washington for the benefit of the <br /> City and the owner of the Refunded Bonds. <br /> The City will take such actions as are found necessary to see that all necessary and proper <br /> fees, compensation and expenses of the Escrow Agent shall be paid when due. The proper <br /> officers and agents of the City are directed to obtain from the Escrow Agent an agreement setting <br /> forth the duties, obligations and responsibilities of the Escrow Agent in connection with the <br /> redemption and retirement of the Refunded Bonds as provided herein and stating that such <br /> provisions for the payment of the fees, compensation and expenses of such Escrow Agent are <br /> satisfactory to it. Such agreement shall be in substantially the form set forth in Exhibit A <br /> -27- DOTOQ5 DOC 98/04/28 <br />