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Such beginning cash and Acquired Obligations are hereby <br /> irrevocably--pledged to be held and applied solely for the payment <br /> of the principal and interest due and to become due on the <br /> Refunded 1988 Bonds, provided, however, that the City may from <br /> time to time transfer, or cause to be transferred, from the 1992 <br /> Advance Refunding Fund to the Revenue Fund any moneys not <br /> required for payment of the principal and interest due and to <br /> become due on the Refunded 1988 Bonds upon securing: <br /> (1) a verification by a certified public <br /> accounting firm which shall be satisfactory to bond counsel <br /> to the City that the moneys and Acquired Obligations on <br /> deposit after such transfer will be sufficient to effect the <br /> advance refunding of the Refunded 1988 Bonds as set forth <br /> herein and in the Escrow Agreement; and <br /> (2) an opinion from bond counsel , that such <br /> transfer (i) is permitted under Section 10 of Ordinance <br /> No . 1433-88 of the City, and (ii) shall not cause interest <br /> on any of the 1992 Bonds or Refunded 1988 Bonds to become <br /> subject to federal income tax. <br /> The City reserves the right to substitute other securities <br /> for the Acquired Obligations in the event it may do so pursuant <br /> to Section 148 of the federal Internal Revenue Code of 1986 and <br /> applicable regulations thereunder, upon compliance with the <br /> following conditions : <br /> (1) The securities to be substituted are direct <br /> obligations of, or obligations the principal of and interest <br /> 51 Fwwoos.DOC szrosm <br />