Ordinance 1963-93 - Laserfiche WebLink

Agreement, and Sections 7 and 10 of Ordinance No. 1433-88 of the City) and to pay the costs of issuance of the 1993 Bonds. (2) The amount equal to the interest accruing on the 1993 Bonds from November 1, 1993, to the date of their delivery shall be deposited in the 1993 Debt Service Subaccount. At the time of the delivery of the 1993 Bonds and prior to the application of the proceeds of the 1993 Bonds, the Treasurer is hereby authorized and directed to make the following interfund transfers: (i) The amount in the Debt Service Account for the 1988 Bonds shall be transferred to the 1993 Advance Refunding Fund. In no event shall the amount in the 1988 Debt Service Account be reduced below that amount necessary to pay the principal of and interest on the Nonrefunded 1988 Bonds on their next occurring principal and interest payment dates, after taking into account other revenues to be deposited into the Debt Service Account for payment of the Nonrefunded 1988 Bonds prior to such dates and other Revenues of the System and Assessments legally available therefor. (ii) The amount in the Revenue Fund, which sum is in excess of System operation and maintenance needs and is necessary to effect the refunding of the Refunded 1988 Bonds, shall be transferred to the 1993 Advance Refunding Fund. (iii) An amount shall be transferred from the 1988 Reserve Account to the 1993 Reserve Account sufficient to meet the Reserve Account Requirement for the 1993 Bonds. C. Escrow Agreement. In order to carry out the advance refunding and defea- sance of the Refunded 1988 Bonds as provided for in this ordinance, the Finance Director is hereby authorized to select a banking institution to act as Refunding Trustee. The Mayor and Clerk of the City are authorized and directed to execute and deliver to the Refunding Trustee an Escrow Agreement substantially in the form attached to this ordinance as Exhibit A, with such -33- FWW04E.00c 93/10/28