Ordinance 1963-93 - Laserfiche WebLink

• (iii) Each payment of Rebatable Arbitrage will be made to the Internal Revenue Service Center, Philadelphia, Pennsylvania 19225 and will be accompanied by IRS Form 8038-T. Section 12. Defeasance of Outstanding Bonds and Disposition of Bond Proceeds. A. 1993 Advance Refunding Fund. There is hereby created in the office of the Treasurer a special fund of the City, to be held by a banking institution selected by the Finance Director as authorized herein (the "Refunding Trustee"), which fund shall be known as the 1993 Advance Refunding Fund. The 1993 Advance Refunding Fund shall be funded with the proceeds of the 1993 Bonds and other moneys as hereinafter set forth, and shall be drawn upon as hereinafter set forth solely for the purpose of paying the principal of and interest on the Refunded 1988 Bonds. Moneys in the 1993 Advance Refunding Fund shall be used immediately upon receipt thereof to defease bonds and discharge the other obligations of the City under Ordinance No. 1433-88, adopted January 13, 1988, authorizing the issuance of the 1988 Bonds, by providing for the payment of the principal of and interest thereon as hereinafter set forth in this section. The City shall defease the Refunded 1988 Bonds and discharge such obligations by the use of moneys in the 1993 Advance Refunding Fund to purchase certain Acquired Obligations (more particularly described in the Escrow Agreement), 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) Interest which will become due and payable on or before July 1, 1998, on the Refunded 1988 Bonds. (b) The redemption price payable for the principal of the Refunded 1988 Bonds on July 1, 1998. -30- Fww04E.DOc 93/1orze