Ordinance 2557-01 - Laserfiche WebLink

Bank at the Bank Rate) and/or principal. The Registrar shall hold such funds separate and apart in trust for the benefit of Registered Owners, and such funds shall not be commingled with any other funds for any other purpose. No drawing on the Credit Facility may be made for Bank Bonds or Bonds held by the City. (b) If at any time there shall have been delivered to the Registrar (i) an Alternate Credit Facility in substitution for the Letter of Credit then in effect, (ii) a Favorable Opinion of Bond Counsel, and (iii) written evidence satisfactory to the Bank of the provision for purchase from the Bank of all Bank Bonds, at a price equal to the principal amount thereof plus accrued and unpaid interest, and payment of all amounts due it under the Reimbursement Agreement on or before the effective date of such Alternate Credit Facility, then the Registrar shall accept such Alternate Credit Facility on the Substitution Date and shall surrender the Letter of Credit immediately to the Bank following the Substitution Date. The City shall give the Registrar, any Securities Depository, the Remarketing Agent and the Bank written notice of the proposed substitution of an Alternate Credit Facility for the Letter of Credit then in effect no less than 45 days prior to the proposed Substitution Date. Thirty days' prior notice of any proposed substitution of an Alternate Credit Facility shall be given by the Registrar to the Registered Owners. ARTICLE V. PAYMENT OF BONDS; DISPOSITION OF BOND PROCEEDS Section 5.01. Payment of Bonds/Bond Fund. There is hereby authorized and directed to be created in the office of the Finance Director-Treasurer a special fund to be drawn upon for the purpose of paying the principal of and interest on the Bond to be known as the "Bond Redemption Fund, 2001" (the "Bond Fund"). The Bond Fund shall be drawn upon for the sole -41- P:\CMW\CMW4ZL 11/20/01