Ordinance 1987-94 - Laserfiche WebLink

Obligations"), bearing such interest and maturing as to principal and interest in such amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of: (a) the interest on the 1988 Refunded Bonds due and payable on and prior to July 1, 1998; (b) the redemption price (100% of the principal amount) payable on July 1, 1998, of the 1988 Refunded Bonds; (c) the interest on the 1982 Refunded Bonds due and payable on and prior to December 1, 1995; and (d) the redemption price (100% of the principal amount) payable on December 1, 1995, of the 1982 Refunded Bonds. Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the Code and regulations relating to acquired obligations in connection with refunding bond issues. In order to carry out the advance refunding and defeasance of the Refunded Bonds, the Finance Director is hereby authorized to appoint as refunding trustee a bank or trust company qualified by law to perform the duties described herein(the "Refunding Trustee"). Any beginning cash balance and the Acquired Obligations shall be irrevocably deposited with the Refunding Trustee in an amount sufficient to defease and redeem the Refunded Bonds in accordance with this Section 13 and Section 14 of this ordinance. Any amounts described in subparagraphs (a) through (d) of this section that are not provided for in full by such beginning cash balance and the purchase and deposit of the Acquired Obligations described in this section shall be provided for by the irrevocable deposit of the necessary amount out of the proceeds of sale of the Bonds or any other money of the City legally available therefor with the Refunding Trustee. The proceeds of the Bonds remaining in the Advance Refunding Account after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay -18- DOTD6M.DOC 94/01/19