Ordinance 2663-02 - Laserfiche WebLink

maturing as to principal and interest in such amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of each of the following bonds that have been designated as "Refunded Bonds": (i) interest on the 1993 Refunded COPs, if any, coming due on each date on which interest is due and payable, to and including March 1, 2003 and interest on the 1993 Refunded Bonds, if any, coming due on each date on which interest is due and payable, to and including December 1, 2003; and (ii) the redemption price of the 1993 Refunded COPs (100% of the principal amount thereof) on March 1, 2003 and the redemption price of the 1993 Refunded Bonds (100% of the principal amount thereof) on December 1, 2003. Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the Code and regulations relating to acquired obligations in connection with refunding bond issues. (d) Appointment of Escrow Agent. The Finance Director is hereby authorized and directed to solicit proposals from and select a financial institution to act as the escrow agent for the Refunded Bonds (the "Escrow Agent"). The Refunding Bond proceeds designated in the foregoing subsection together with a cash contribution from the City shall be transferred to the Escrow Agent in order to implement the refunding plan. A beginning cash balance, if any, and Acquired Obligations shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Refunding Bonds remaining after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations -23- P.\CMW\CMW5IL 12/06/02