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attached to this ordinance and incorporated herein by this reference. The Mayor or his designee <br /> is authorized and directed to execute and deliver such agreement on behalf of the City. <br /> Section 14. Findings of Savings and Defeasance. The Council hereby finds and <br /> determines that the issuance and sale of the Bond at this time will effect a savings to the City and <br /> ratepayers of the System. In making such finding and determination, the Council has given <br /> consideration to the interest on and the fixed maturities of the Bond and the Refunded Bonds,the <br /> costs of issuance of the Bond and the known earned income from the investment of the proceeds <br /> of sale of the Bond pending redemption and payment of the Refunded Bonds. <br /> The Council also hereby finds and determines that the Acquired Obligations to be <br /> deposited with the Escrow Agent and the income therefrom, together with any necessary <br /> beginning cash balance, are sufficient to defease the Refunded Bonds and will discharge and <br /> satisfy the obligations of the City under Ordinance No. 1433-88 authorizing the issuance of the <br /> Refunded Bonds and the pledge of the City therein. Immediately upon the delivery of such <br /> Acquired Obligations to the Escrow Agent and the deposit of any necessary beginning cash <br /> balance, the Refunded Bonds shall be deemed not to be outstanding under Ordinance <br /> No. 1433-88 and shall cease to be entitled to any lien, benefit or security under such ordinance <br /> except the right to receive payment from the Acquired Obligations and beginning cash balance <br /> so set aside and pledged. <br /> Section 15. Bond Covenants. <br /> A. Maintenance and Operation. The City shall at all times maintain, preserve <br /> and keep the properties of the System in good repair, working order and condition and will from <br /> time to time make all necessary and proper repairs, renewals, replacements, extensions and <br /> betterments thereto, so that at all times the business carried on in connection therewith will be <br /> properly and advantageously conducted, and the City will at all times operate or cause to be <br /> operated said properties of the System and the business in connection therewith in an efficient <br /> manner and at a reasonable cost. <br /> -28- DOTOQ5 DOC 96/04/28 <br />