Ordinance 3405-14 - Laserfiche WebLink

received by the Refunding Trustee from Bond proceeds and other money provided by the City shall be used immediately by the Refunding Trustee upon receipt thereof in accordance with the terms of the Escrow Agreement to defease the Refunded Bonds as authorized by the 2001 City Bond Ordinance and the 2007 District Bond Resolution, and pay costs of issuance of the Bonds. The City shall defease the Refunded Bonds and discharge such obligations by the purchase of certain Government Obligations (which obligations so purchased, are herein called "Acquired Obligations"), bearing such interest and 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: (1) Interest on the Refunded Bonds as such becomes due on and prior to the Call Date; and (2) The redemption price (100% of the principal amount) of the Refunded Bonds payable on the Call Date. (b) Refunding Trustee/Escrow Agreement. The Designated Representative is hereby authorized to appoint a qualified banking association to act as the refunding trustee (the "Refunding Trustee") for the Refunded Bonds. A beginning cash balance, if any, and Acquired Obligations shall be deposited irrevocably with the Refunding Trustee in an amount sufficient to defease the Refunded Bonds. The proceeds of the Bonds 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 and expenses of the issuance of the Bonds. In order to carry out the purposes of this section, the Chief Financial Officer is authorized and directed to execute and deliver to the Refunding Trustee, an Escrow Deposit Agreement and -94- P 120287 CM1M20287 AMT 10/14/14