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• <br /> due, the payments specified in subparagraphs (a) through (c) of Section 13 above. All such sums <br /> shall be paid from the moneys and Acquired Obligations deposited with said Refunding Trustee <br /> pursuant to Section 13 of this ordinance, and the income therefrom and proceeds thereof. All <br /> such sums so paid shall be credited to the Advance Refunding Account. All money and Acquired <br /> Obligations deposited with said bank and any income therefrom shall be held, invested and applied <br /> in accordance with the provisions of this ordinance and with the laws of the State of Washington <br /> for the benefit of the City and owners of the Refunded Obligations. <br /> The City will take such actions as are found necessary to see that all necessary and proper <br /> fees, compensation and expenses of the Refunding Trustee shall be paid when due. The proper <br /> officers and agents of the City are directed to obtain from the Refunding Trustee an agreement <br /> setting forth the duties, obligations and responsibilities of the Refunding Trustee in connection <br /> with the redemption, prepayment and retirement of the Refunded Obligations as provided herein <br /> and stating that such provisions for the payment of the fees, compensation and expenses of such <br /> Refunding Trustee are satisfactory to it. <br /> To carry out the purposes of the preceding section of this ordinance and this section, the <br /> Finance Director is authorized and directed to execute and deliver to the Refunding Trustee an <br /> Escrow Agreement in substantially the form set forth in Exhibit A attached to this ordinance and <br /> incorporated herein by this reference, with such changes as the Finance Director, with the advice <br /> of Bond Counsel to the City, shall approve. <br /> SECTION 15. Findings of Savings and Defeasance. The Council hereby finds and <br /> determines that the issuance and sale of the Bonds at this time will effect a savings to the City and <br /> its taxpayers. In making such finding and determination, the Council has given consideration to <br /> the interest on and the fixed maturities of the Bonds, the 1990A Refunded Bonds, the Refunded <br /> Lease Obligations, and the costs of issuance of the Bonds and the known earned income from the <br /> investment of the proceeds of sale of the Bonds pending redemption and payment of the Refunded <br /> Obligations. <br /> -21- J:\FWWWHOME O3N3CX.DOC <br />