Ordinance 2690-03 - Laserfiche WebLink

Section 19. Call For Redemption of Refunded Bonds and Escrow Agreement. (a) Call For Redemption of the Refunded Bonds. The City hereby irrevocably sets aside sufficient funds out of the purchase of Acquired Obligations from proceeds of the Refunding Bonds to make the payments described in Section 18 of this ordinance. The City hereby irrevocably calls the 1993 Refunded Bonds for redemption on July 1, 2003 in accordance with terms of the respective ordinances pursuant to which the Refunded Bonds were issued, authorizing the redemption and retirement of the Refunded Bonds prior to their fixed maturities. Said defeasance and call for redemption of the Refunded Bonds shall be effective and irrevocable after the final establishment of the escrow account and delivery of the Acquired Obligations to the Escrow Agent. The Escrow Agent is hereby authorized and directed to provide for the giving of notice of the redemption of the Refunded Bonds in accordance with the applicable provisions of Ordinance No. 1963-93. The Finance Director of the City is authorized and requested to provide whatever assistance is necessary to accomplish such redemption and the giving of notice therefor. The costs of publication of such notices shall be an expense of the City. The Escrow Agent is hereby authorized and directed to pay to the fiscal agency or agencies of the State of Washington, sums sufficient to pay, when due, the payments specified in Section 18 of this ordinance. All such sums shall be paid from the moneys and Acquired Obligations deposited with said Escrow Agent pursuant to the previous section of this ordinance, and the income therefrom and proceeds thereof. All moneys and Acquired Obligations deposited with said bank and any income therefrom shall be credited to an escrow account and held, invested (but only at the direction of the Finance Director) and applied in accordance with the -53- P:\CMW\CMWSNP 04/22/03