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The Refunding Trustee is hereby authorized and directed to pay to the fiscal agency or <br /> agencies of the State of Washington, sums sufficient to pay, when due, the payments specified in <br /> subparagraphs (a) through (d) of Section 13 above. All such sums shall be paid from the moneys <br /> and Acquired Obligations deposited with said Refunding Trustee pursuant to Section 13 of this <br /> ordinance, and the income therefrom and proceeds thereof. All such sums so paid shall be <br /> credited to the Advance Refunding Account. All money and Acquired Obligations deposited with <br /> said bank and any income therefrom shall be held, invested and applied in accordance with the <br /> provisions of this ordinance and with the laws of the State of Washington for the benefit of the <br /> City and owners of the Refunded Bonds. <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 and retirement of the Refunded Bonds as provided herein and stating that <br /> such provisions for the payment of the fees, compensation and expenses of such Refunding <br /> 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 the <br /> Escrow Agreement in substantially the form set forth in Exhibit A attached to this ordinance and <br /> incorporated herein by this reference. <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 and the Refunded Bonds, the costs of <br /> issuance of the Bonds and the known earned income from the investment of the proceeds of sale <br /> of the Bonds pending redemption and payment of the Refunded Bonds. <br /> -20- OOTOOM.00c 94/01/19 <br />