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changes or modifications as the Mayor and Clerk, with the advice of bond counsel to the City, <br /> consider necessary or advisable. <br /> The City hereby irrevocably sets aside for and pledges to the payment of the Refunded <br /> 1988 Bonds the moneys and obligations to be deposited with the Refunding Trustee pursuant to <br /> the Escrow Agreement to accomplish the plan of refunding and defeasance of the Refunded 1988 <br /> Bonds set forth herein and in the Escrow Agreement. When all of the Refunded 1988 Bonds shall <br /> have been redeemed and retired, the City may cause to be transferred from the 1993 Advance <br /> Refunding Fund to the Revenue Fund any moneys not required for the purposes set forth above. <br /> D. Redemption of Outstanding Bonds. The City hereby irrevocably calls for <br /> redemption on July 1, 1998, the Refunded 1988 Bonds in accordance with Section 7 of Ordinance <br /> No. 1433-88. Such call for redemption shall be irrevocable upon the delivery of the 1993 Bonds <br /> to the initial purchasers thereof and the final establishment of the 1993 Advance Refunding Fund <br /> and delivery of the Acquired Obligations and other funds specified herein to the Refunding <br /> Trustee. <br /> The Refunding Trustee is hereby authorized and directed to pay to the Treasurer, or at the <br /> direction of the Treasurer, to the fiscal agency or agencies of the State of Washington, sums <br /> sufficient to pay, when due, the payments specified in subparagraphs (a) and (b) of Section 8A of <br /> this Ordinance. All such sums shall be paid from the monies and Acquired Obligations deposited <br /> with said Refunding Trustee pursuant to Section 12 of this ordinance, and the income therefrom <br /> and proceeds thereof. All such sums so paid to said Trustee shall be credited to the 1993 <br /> Advance Refunding Fund. All moneys and Acquired Obligations deposited with said Refunding <br /> Trustee and any income therefrom shall be held, invested and applied in accordance with the <br /> provisions of this ordinance and with the laws of the State of Washington for the benefit of the <br /> City and holders of the Refunded 1988 Bonds. <br /> -34- Fwwo4E.00c 93„0/28 <br />