Ordinance 2298-98 - Laserfiche WebLink

certified public accountants that such transaction will not cause the amount of money and securities in the Refunding Account to be reduced below an amount sufficient to provide for the full and timely payment of principal of and interest on all of the remaining Refunded Bonds as they become due, taking into account any optional redemption thereof exercised by the City in connection with such transaction; (b) the Escrow Agent shall have received the unqualified written legal opinion of the County's bond counsel or tax counsel to the effect that such transaction will not cause any of the Bonds or Refunded Bonds to be an "arbitrage bond" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, and (c) such transaction is approved by an ordinance duly passed by the City Council. Article 5. Application of Cash Balances Section 5.1. In General. Except as provided in Sections 3.2 and 4.1 hereof, no withdrawals, transfers, or reinvestment shall be made of cash balances in the Refunding Account. Cash balances shall be held by the Escrow Agent in U.S. currency and as cash balances as shown on the books and records of the Escrow Agent and shall not be reinvested by the Escrow Agent; provided, however, a conversion to currency shall not be required (i) for so long as the Escrow Agent's internal rate of return does not exceed %, or (ii) if the Escrow Trustee's internal rate of return exceeds %, the Escrow Agent receives a letter of instructions, accompanied by the opinion of the City's bond counsel approving the assumed reinvestment of such proceeds at such higher yield. Article 6. Redemption of Refunded Bonds Section 6.1. Call for Redemption. The City has, pursuant to the Bond Ordinance, irrevocably called the Refunded Bonds for redemption on their earliest redemption date, as shown in the Verification Report. Section 6.2. Notice of Redemption. The Escrow Agent agrees to give notice of the redemption of the Refunded Bonds, or to notify the Paying Agent to give such notice, pursuant to the terms of the ordinances authorizing the issuance of the Refunded Bonds. The Escrow Agent hereby certifies that it has made provision satisfactory and acceptable to it for the giving of notice of redemption of the Refunded Bonds. Article 7. Records and Reports Section 7.1. Records. The Escrow Agent will keep books of record and account in which complete and accurate entries shall be made of all transactions relating to the receipts, disbursements, allocations and application of the money and Escrowed Securities deposited to the Refunding Account and all A-5 DOTOQ5 DOC 98/04/28