Ordinance 3291-12 - Laserfiche WebLink

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. 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. (b) Escrow Agent/Escrow Agreement. The Chief Financial Officer is hereby authorized to appoint a qualified banking association to act as the escrow agent (the "Escrow Agent") for the Refunded Bonds. 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 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 Escrow Agent, an Escrow Deposit Agreement and a Cost of Issuance Agreement, each substantially in the forms attached hereto as Exhibit A and Exhibit B, respectively. (c) Implementation of Refunding Plan. The City hereby irrevocably calls the Refunded Bonds for redemption on the Call Date in accordance with the provisions of the -19- P:X20287 CMW20287 9RD 08/14/12