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SECTION 13. Advance Refunding Account. There is hereby authorized and established <br /> a special account of the City to be maintained with the Refunding Trustee (as hereinafter defined) <br /> to be known as the "City of Everett 1995 Limited Tax General Obligation Bond Advance <br /> Refunding Account" (the "Advance Refunding Account"), which account shall be drawn upon for <br /> the sole purpose of paying the principal of and interest on the Refunded Obligations and of paying <br /> costs related to issuance of the Bonds and refunding the Refunded Obligations. <br /> Money in the Advance Refunding Account shall be used immediately upon receipt thereof <br /> to defease the 1990A Refunded Bonds and the Refunded Lease Obligations on the dates set forth <br /> above, and to discharge the other obligations of the City relating thereto under Ordinance <br /> Nos. 1739-90, 1774-91, 1818-91 and 1858-92 of the City, by providing for the payment of the <br /> principal of and interest on the Refunded Bonds and the payment and prepayment of the principal <br /> of and interest on Lease Obligations as set forth below. The City shall defease such bonds and <br /> lease obligations and discharge such obligations by the use of money in the Advance Refunding <br /> Account to purchase certain "Government Obligations" as such obligations are defined in Chapter <br /> 39.53 RCW as now or hereafter amended (which obligations so purchased, are herein called <br /> "Acquired Obligations"), bearing such interest and maturing as to principal and interest in such <br /> amounts and at such times which, together with any necessary beginning cash balance, will <br /> provide for the payment of: <br /> (a) the interest on the 1990A Refunded Bonds due and payable on and prior to <br /> December 1, 2000; <br /> (b) the redemption price (100% of the principal amount) payable on December 1, <br /> 2000, for the 1990A Refunded Bonds; <br /> (c) the principal of and interest on the following Lease Obligations due and payable on <br /> and prior to the following Optional Prepayment Dates and the prepayment price (100% of the <br /> principal amount) payable on such Optional Prepayment Dates with respect to the principal <br /> amounts of such Lease Obligations maturing thereafter: <br /> -18- J:uwwwf+oM ,3cx.DCC <br />