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The City, by Section 12 of the Bond Ordinance, has irrevocably called the Refunded 1988 <br /> Bonds for redemption and prepayment on July 1, 1998. The call for redemption and prepayment <br /> of such Refunded 1988 Bonds shall be irrevocable upon the delivery of the 1993 Bonds to the <br /> initial purchasers thereof. The Refunding Trustee, in concert with the Director of Finance and <br /> Treasurer of the City, shall provide for mailing of the proper notices of such redemption and <br /> prepayment in accordance with the provisions of Ordinance No. 1433-88 authorizing the issuance <br /> and sale of the 1988 Bonds. <br /> The City represents to the Refunding Trustee that the maturing principal and interest on <br /> the Acquired Obligations, if paid when due, together with the necessary beginning cash balance, <br /> will be sufficient to pay, when due: <br /> (a) Interest which will become due and payable on and before July 1, 1998, on <br /> the Refunded 1988 Bonds; and <br /> (b) The redemption price payable on July 1, 1998, for the principal of the <br /> Refunded 1988 Bonds. <br /> Section 3. Disbursements by Refunding Trustee. The Refunding Trustee shall present for <br /> payment on the due dates thereof the Acquired Obligations so deposited with it and shall apply <br /> the proceeds derived therefrom and the interest paid thereon in accordance with the provisions of <br /> the Bond Ordinance and this Agreement. Moneys shall be transferred, in a timely manner, by the <br /> Refunding Trustee to the Treasurer of the City or, at the direction of the Treasurer, to the fiscal <br /> agency or agencies of the State of Washington, in amounts sufficient for the payments specified in <br /> Section 2 of this Agreement. <br /> Section 4. Reports and Notice of Insufficiency. For as long as any of the Refunded 1988 <br /> Bonds are outstanding, on or before the twentieth (20th) day of each February and August, <br /> commencing with the month of February 1994, the Refunding Trustee shall render a statement as <br /> of the last day of the preceding month to the City, which statement shall set forth the cash and <br /> Acquired Obligations held by the Refunding Trustee, any of such Acquired Obligations which <br /> A-3 Fww04E.DOC 93/10/213 <br />