Ordinance 2607-02 - Laserfiche WebLink

capacity of escrow agent, pursuant to which the proceeds of the Bonds and other funds of the City, if necessary, may be held and invested pending disbursements described in subsection(a) of this Section 18. The City hereby irrevocably calls the Refunded Bonds for redemption on July 1, 2002, in accordance with the provisions of Section 10 of the Ordinance No. 1891-92, authorizing the redemption and retirement of the Refunded Bonds prior to their fixed maturities. The Finance Director is hereby authorized and directed to coordinate the giving of notices of the defeasance and redemption of the Refunded Bonds with the Bond Registrar, in accordance with the applicable provisions of the Ordinance No. 1891-92. The Finance Director 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. Section 19. Bond Insurance; Reserve Surety Bond. (a) In accordance with the offer of the Underwriter to purchase the Bonds, the Council hereby approves the commitments of the Insurer to provide a bond insurance policy insuring the payment when due of principal of and interest on the Bonds (the "Policy") and a surety bond to fund the Reserve Account Requirement for the Bonds. The Council further authorizes and directs all proper officers, agents, attorneys and employees of the City to cooperate with the Insurer in preparing such additional agreements, certificates, and other documentation on behalf of the City as shall be necessary or advisable in providing for the Policy and the surety bond. -43- P\CMW\CMW5BE 02/05/21