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The City may, according to the terms of this Section 5, substitute other securities for the <br /> Acquired Obligations and withdraw funds from the trust hereby created. <br /> The City may from time to time transfer, or cause to be transferred, from the Advance <br /> Refunding Account to the Bond Fund any moneys not required for payment of the principal and <br /> interest due and to become due on the Refunded Obligations upon securing: <br /> (a) a verification by an independent certified public accounting firm which shall <br /> be satisfactory to bond counsel to the City that the moneys and Acquired Obligations on deposit <br /> after such transfer will be sufficient, without reinvestment, to effect the advance refunding of the <br /> Refunded Obligations as set forth herein and in Section 14 of the Bond Ordinance; and <br /> (b) an opinion from bond counsel that such transfer (i) is permitted under <br /> Ordinance No. of the City, and (ii)will not cause the interest on the Refunded <br /> Obligations or the Bonds to become subject to federal income taxes and will not cause any <br /> Refunded Obligation or Bond to become an "arbitrage bond" as defined in Section 148 of the <br /> Internal Revenue Code of 1986 and the applicable regulations promulgated thereunder (as the <br /> same may be amended, to the extent such amendments apply to the Refunded Obligations or the <br /> Bonds). <br /> The City reserves the right to substitute other securities for the Acquired Obligations in <br /> the event it may do so pursuant to Section 148 of the federal Internal Revenue Code of 1986, as <br /> amended, and applicable regulations thereunder, upon compliance with the following conditions: <br /> (a) The securities to be substituted are direct noncallable obligations of the <br /> United States of America. <br /> (b) The City obtains a verification by an independent certified public <br /> accounting firm which shall be satisfactory to bond counsel and the City that such securities bear <br /> such interest and mature at such times and in such amounts, without reinvestment, as to fully <br /> replace the Acquired Obligations for which they are substituted, and to provide, together with <br /> Acquired Obligations and cash remaining, for the payment of the amounts specified in Section 2, <br /> items (a) through(c) above. <br /> A-5 FwwwNOMEW3N3cx.00c 95/09/2 <br />