Ordinance 1891-92 - Laserfiche WebLink

(a) Interest which will become due and payable on or before Jul 1, 1998, on the Refunded 1988 Bonds . (b) The redemption price payable for the principal of the Refunded 1988 Bonds maturing after July 1, 1998 . Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the federal Internal Revenue Code of 1986 and regulations relating to acquired obligations in connection with refunding bond issues . Such beginning cash balance and Acquired Obligations shall be irrevocably deposited in the 1992 Advance Refunding Fund with the Refunding Trustee pursuant to the Escrow Agreement . Any amounts described in subparagraphs (a) and (b) of this section which are not provided for in full by such beginning cash balance and the purchase and deposit of the Acquired Obligations described in this section shall be provided for by the irrevocable deposit of the necessary amount out of the proceeds of sale of the Refunding Bonds or any other monies of the City legally available therefor with the aforesaid Refunding Trustee. The proceeds of the Refunding Bonds remaining in the 1992 Advance Refunding Account after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations . Such necessary beginning cash balance and Acquired Obliga- tions shall be deposited in trust in the 1992 Advance Refunding Fund with the Refunding Trustee pursuant to the Escrow Agreement . 50 Fwwoo3.ooc avosm