2009/04/15 Council Agenda Packet

3 after all costs of the Projects have been paid (including costs of issuance) shall be transferred to the Revenue Bond Fund for the uses and purposes therein provided. (c) Re}frnding Bonds. The net proceeds of sale of the Refunding Bonds shall be remitted to the City for the purpose of refunding the Refunded Bonds and to pay related costs of issuance. The City hereby irrevocably sets aside for and pledges to the payment of the Refunded Bonds out of proceeds of the Refunding Bonds the amount necessary to pay the interest on the Refunded Bonds coming due to and including the Call Date and the redemption price of the Refunded Bonds (100% of the principal amount thereof) on the Call Date. The City shall invest such amount in investments that are legal investments for City funds until remitted as provided in this Section. On or prior to the Call Date, the City shall remit to the Registrar the amount necessary to refund the Refunded Bonds in accordance with the applicable provisions of the 1997 Bond Ordinance and this ordinance. The City hereby irrevocably calls the Refunded Bonds for redemption on the Call Date, in accordance with terms of the 1997 Bond Ordinance, authorizing the redemption and retirement of the Refunded Bonds prior to their fixed maturities. The Designated Representative is hereby authorized and directed to take such action as found necessary to accomplish the plan of refunding including, but not limited to, providing for the giving of notice of redemption of the Refunded Bonds in accordance with the applicable provisions of the 1997 Bond Ordinance and this ordinance. The costs of publication of such notices shall be an expense of the City. When all of the Refunded Bonds shall have been redeemed and retired, the City may cause any remaining money to be transferred to the Revenue Bond Fund for the purposes set forth above. ti tl -63- P:\20287 CMVN20287 880 03/25/09