Ordinance 1987-94 - Laserfiche WebLink

initial purchasers thereof. The Refunding Trustee, in concert with the Director of Finance and Treasurer of the City, shall provide for mailing of the proper notices of such redemption and prepayment in accordance with the provisions of Ordinance Nos. 1504-88 and 902-82 authorizing the issuance and sale of the Refunded Bonds. The City shall pay the costs of giving such notice. The City represents to the Refunding Trustee that the maturing principal and interest on the Acquired Obligations, if paid when due, together with the necessary beginning cash balance, will be sufficient to pay, when due: (a) Interest that will become due and payable on and before July 1, 1998 on the Refunded 1988 Bonds; (b) The redemption price payable on July 1, 1998 for the principal of the Refunded 1988 Bonds; (c) Interest that will become due and payable on and before December 1, 1995 on the Refunded 1982 Bonds; and (d) The redemption price payable on December 1, 1995 for the principal of the Refunded 1982 Bonds. Section 3. Disbursements by Refunding Trustee. The Refunding Trustee shall present for payment on the due dates thereof the Acquired Obligations so deposited with it and shall apply the proceeds derived therefrom and the interest paid thereon in accordance with the provisions of the Bond Ordinance and this Agreement. Moneys shall be transferred, in a timely manner, by the Refunding Trustee to the Treasurer of the City or, at the direction of the Treasurer, to the fiscal agency or agencies of the State of Washington, in amounts sufficient for the payments specified in Section 2 of this Agreement. Section 4. Reports and Notice of Insufficiency. For as long as any of the Refunded Bonds are outstanding, on or before the twentieth (20th) day of each February and August, commencing with the month of August 1994, the Refunding Trustee shall render a statement as of the last day of the preceding month to the City, which statement shall set forth the cash and A-3 DOTO6M.DOC 94/01/19