Ordinance 2690-03 - Laserfiche WebLink

provisions of this ordinance and with the laws of the State of Washington for the benefit of the City and owners of the Refunded Bonds. The City will take such actions as are found necessary to see that all necessary and proper fees, compensation and expenses o f t he E scrow A gent for the Refunded B onds s hall b e p aid when due. (b) Escrow Agreement. T he F inance D irector i s authorized and directed t o execute and deliver to the Escrow Agent an Escrow Deposit Agreement. The City hereby irrevocably sets aside for and pledges to the payment of the Refunded Bonds the moneys and obligations to be deposited with the Escrow Agent pursuant to the Escrow Agreement to accomplish the plan of refunding and defeasance of the Refunded Bonds set forth herein and in the Escrow Agreement. When all of the Refunded Bonds shall have been redeemed and retired, the City may cause any remaining money to be transferred to the Revenue Bond Fund for the purposes set forth above. Section 20. Disposition o f Improvement B and P roceeds. F rom the moneys d erived from the sale of the Bonds; (a) the accrued interest received with respect to the Improvement Bonds shall be deposited into the 2003 Debt Service Subaccount and used to pay interest on the Bonds coming due on July 1, 2003; (b) the balance of the proceeds of sale of the Improvement Bonds shall be deposited in the 2003 Construction Account, and shall be expended solely to pay a proportionate share of the cost of issuing and selling the Bonds, the costs of purchasing a surety bond to fund the Reserve Account and, together with other available moneys of the City, shall be used to undertake the Projects. -54- P:\CMW\CMW5NP 04/22/03