Ordinance 2690-03 - Laserfiche WebLink

Account Requirement and the Common Reserve Requirement and to execute such further documents and certificates as shall be necessary in connection therewith, as described in Section 21 of this ordinance. Section 18. Refunding Plan and Procedures. (a) Refunding Account. There is hereby authorized to be created in the Revenue B and Fund a n account, known a s the "Refunding Account,"which account is to be drawn upon for the sole purpose of paying the principal of, premium and interest on the Refunded Bonds until their date of redemption and of paying costs related to the refunding of the Refunded Bonds. The proceeds of sale of the Refunding Bonds (exclusive of accrued interest thereon, which shall be paid into the 2003 Debt Service Subaccount and used to pay interest on the Bonds on July 1, 2003) shall be credited to the Refunding Account. The City also may transfer money from its Revenue Bond Fund, Reserve Account and/or Revenue Fund to provide an amount sufficient to carry out the Refunding Plan. (b) Refunding Proceeds. A portion of the proceeds of sale of the Refunding Bonds in the dollar amount certified by the City to the Escrow Agent shall be delivered to the Escrow Agent for the purpose of defeasing the Refunded Bonds and paying related costs of issuance. Money received by the Escrow Agent from Bond proceeds and other money provided by the City, shall be used immediately by the Escrow Agent upon receipt thereof in accordance with the terms of the Escrow Agreement to defease the Refunded Bonds as authorized by the 1993 Bond Ordinance, and to pay costs of issuance of the Bonds. The City shall defease the Refunded Bonds and discharge such obligations by the use of money deposited with the Escrow Agent to -51- P:\CMW\CMW5NP 04/22/03