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shall be irrevocable upon the delivery of the 1992 Bonds to the <br /> initial purchasers thereof. The Refunding Trustee, in concert <br /> with the Director of Finance and Treasurer of the City, shall <br /> provide for mailing of the proper notices of such redemption and <br /> prepayment in accordance with the provisions of Ordinance No. <br /> 1433-88 authorizing the issuance and sale of the 1988 Bonds . <br /> The City represents to the Refunding Trustee that the <br /> maturing principal and interest on the Acquired Obligations, if <br /> paid when due, together with the necessary beginning cash <br /> balance, will be sufficient to pay, when due : <br /> (a) Interest which will become due and payable on and <br /> before July 1, 1998, on the Refunded 1988 Bonds; and <br /> (b) The redemption price payable on July 1, 1998, for <br /> the principal of the Refunded 1988 Bonds . <br /> Section 3 . Disbursements by Refunding Trustee . The Refund- <br /> ing Trustee shall present for payment on the due dates thereof <br /> the Acquired Obligations so deposited with it and shall apply the <br /> proceeds derived therefrom and the interest paid thereon in <br /> accordance with the provisions of the Bond Ordinance and this <br /> Agreement . Moneys shall be transferred, in a timely manner, by <br /> the Refunding Trustee to the Treasurer of the City or, at the <br /> direction of the Treasurer, to the fiscal agency or agencies of <br /> the State of Washington, in amounts sufficient for the payments <br /> specified in Section 2 of this Agreement . <br /> B-4 FWW003.DOC 92/09/21 <br />