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principal of and interest on the Refunded Bonds as set forth below. The City shall defease such <br /> bonds and discharge such obligations by the use of money in the Advance Refunding Account to <br /> purchase certain "Government Obligations" as such obligations are defined in Chapter 39.53 <br /> RCW as now or hereafter amended (which obligations so purchased, are herein called "Acquired <br /> Obligations"), bearing such interest and maturing as to principal and interest in such amounts and <br /> at such times which, together with any necessary beginning cash balance, will provide for the <br /> payment of: <br /> (a) the interest on the 1988 Refunded Bonds due and payable on and prior to July 1, <br /> 1998; <br /> (b) the redemption price (100% of the principal amount) payable on July 1, 1998, of <br /> the 1988 Refunded Bonds; <br /> (c) the interest on the 1990B Refunded Bonds due and payable on and prior to <br /> December 1, 2000; and <br /> (d) the redemption price (100% of the principal amount) payable on December 1, <br /> 2000, of the 1990B Refunded Bonds. <br /> Such Acquired Obligations shall be purchased at a yield not greater than the yield <br /> permitted by the Code and regulations relating to acquired obligations in connection with <br /> refunding bond issues. <br /> In order to carry out the advance refunding and defeasance of the Refunded Bonds, the <br /> Finance Director is hereby authorized to appoint as refunding trustee a bank or trust company <br /> qualified by law to perform the duties described herein(the "Refunding Trustee"). Any beginning <br /> cash balance and the Acquired Obligations shall be irrevocably deposited with the Refunding <br /> Trustee in an amount sufficient to defease and redeem the Refunded Bonds in accordance with <br /> this Section 13 and Section 14 of this ordinance. Any amounts described in subparagraphs (a) <br /> through(d) of this section that are not provided for in full by such beginning cash balance and the <br /> purchase and deposit of the Acquired Obligations described in this section shall be provided for by <br /> the irrevocable deposit of the necessary amount out of the proceeds of sale of the Bonds or any <br /> -17- ooroeu oc 94/01n9 <br />