Laserfiche WebLink
other money of the City legally available therefor with the Refunding Trustee. The proceeds of <br /> the Bonds remaining in the Advance Refunding Account after acquisition of the Acquired <br /> Obligations and provision for the necessary beginning cash balance shall be utilized to pay <br /> expenses of the acquisition and safekeeping of the Acquired Obligations and the costs of issuing <br /> the Bonds. The City may, from time to time, transfer, or cause to be transferred, from the <br /> Advance Refunding Account any moneys not thereafter required for the purposes set forth in <br /> subparagraphs (a) through (d) above, respectively, subject to verification in writing by an <br /> independent certified public accountant that such transfer will not result in inadequate funds being <br /> available to make the required payments therefrom. The City reserves the right to substitute other <br /> securities for the Acquired Obligations in the event it may do so pursuant to section 148 of the <br /> Code and applicable regulations thereunder, upon compliance with the conditions set forth in the <br /> Escrow Agreement. <br /> SECTION 14. Redemption of Refunded Bonds. The City hereby irrevocably sets aside <br /> sufficient funds through the purchase of Acquired Obligations and an initial cash deposit to make <br /> the payments specified in subparagraphs (a)through(d) of Section 13 above. <br /> The City hereby irrevocably calls for redemption on July 1, 1998, the 1988 Refunded <br /> Bonds in accordance with the provisions of Section 5 of Ordinance No. 1505-88. <br /> The City hereby irrevocably calls for redemption on December 1, 2000, the 1990B <br /> Refunded Bonds in accordance with the provisions of Section 5 of Ordinance No. 1740-90. <br /> Said defeasance and call for redemption of the Refunded Bonds shall be irrevocable after <br /> the final establishment of the escrow account and delivery of the Acquired Obligations and the <br /> requisite cash deposit, if any, to the Refunding Trustee, except as provided herein relating to the <br /> substitution of securities. <br /> The Refunding Trustee is hereby authorized and directed to notify the fiscal agent to give <br /> notice of the redemption of the Refunded Bonds in accordance with the applicable provisions of <br /> Ordinance Nos. 1505-88 and 1740-90. The Finance Director is authorized and requested to <br /> -18- ooroei.00c 94/01n9 <br />