Ordinance 1963-93 - Laserfiche WebLink

Section 1. Definitions. Capitalized terms used herein shall have the same meanings set forth in Section 1 of the Bond Ordinance, unless the context clearly indicates otherwise. Section 2. Provisions for Refunding the Refunded 1988 Bonds. The City agrees, simultaneously with the delivery of the 1993 Bonds, to irrevocably deposit with the Refunding Trustee $ of the proceeds thereof for credit to the 1993 Advance Refunding Fund, together with $ from the Revenue Fund. The Refunding Trustee shall immediately apply such amounts to purchase, on behalf of the City, the direct noncallable obligations described in Appendix A-1 attached hereto (collectively, the "Acquired Obligations") for credit to the 1993 Advance Refunding Fund, and to establish the beginning cash balance in such Fund. The Acquired Obligations and beginning cash balance shall be applied by the Refunding Trustee to the payment of the principal and interest due and to become due on the Refunded 1988 Bonds in accordance with the schedule set forth in Appendix B hereof. The Acquired Obligations and beginning cash balance in the 1993 Advance Refunding Fund shall be held in trust for the security and benefit of the holders and owners of the Refunded 1988 Bonds (subject to the right to substitute obligations pursuant to Section 12 of the Bond Ordinance). The City agrees that it will cause to be delivered to the Refunding Trustee, on or before the delivery of the 1993 Bonds to the initial purchasers thereof, statements setting forth the maturity schedule of the Refunded 1988 Bonds by number, amount, date of maturity and interest rates, the amount of interest to be paid on each semiannual interest payment date, the amount of principal to be paid on each annual principal payment date, and the redemption price to be paid on the date that any Refunded 1988 Bonds are to be redeemed, together with an opinion of a certified public accounting firm regarding the sufficiency of the Acquired Obligations and moneys to be deposited in the 1993 Advance Refunding Fund. A-2 FWWo1E.DOc 93/10/19