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The word "Treasurer" means the duly qualified and acting Treasurer of the City. <br /> Section 2. Findings and Purposes. The Council hereby further finds that it is in the best <br /> interests of the City and the users of the System that the City issue the 1993 Bonds to refund the <br /> Refunded 1988 Bonds and to pay the costs incident to the refunding and the issuance of the 1993 <br /> Bonds. The Council further finds and determines that refunding the Refunded 1988 Bonds by the <br /> sale and issuance of the 1993 Bonds as provided in this ordinance will effect a present value <br /> savings to the City and the users of the System. In making such finding and determination this <br /> Board has given consideration to the interest to the fixed maturities of the 1993 Bonds and the <br /> Refunded 1988 Bonds being refunded, the costs of issuance of the 1993 Bonds, including the sale <br /> discount, and the known earned income from the investment of the proceeds of sale of the 1993 <br /> Bonds pending redemption of the Refunded 1988 Bonds. <br /> Section 3. Findings of Parity. The City hereby finds and determines as required by <br /> Section 12 of Ordinance No. 1139-85 as follows: <br /> That the 1993 Bonds shall be issued for the purpose of providing funds to refund prior to <br /> maturity outstanding revenue bonds payable out of the Revenue of the System; <br /> That at the time of issuance of the 1993 Bonds, the City shall have on file a certificate <br /> from the Finance Director showing that there is no deficiency in the Revenue Bond Fund or any <br /> accounts therein. <br /> That the 1993 Bonds shall be payable out of the Revenue Bond Fund, and the Reserve <br /> Account requirements in Section 7 of Ordinance No. 1139-85 are met by the terms and conditions <br /> of this ordinance; <br /> That the requirements of Sections 12(2) and (3) of Ordinance No. 1139-85 are met by the <br /> terms and conditions of this ordinance; and <br /> The applicable limitations contained in Section 12 of Ordinance No. 1139-85 having been <br /> complied with, the 1993 Bonds shall be issued on a parity of lien with the Nonrefunded 1985 <br /> Bonds, the Nonrefunded 1988 Bonds and the 1992 Bonds. <br /> -11- FWWWE.DOC 93/10/28 <br />