Ordinance 1891-92 - Laserfiche WebLink

Section 5 . Custody and Safekeeping of Obligations . All Acquired Obligations and moneys deposited with or received by the Refunding Trustee pursuant to this Agreement, and the principal thereof and interest thereon and any reinvestments thereof, shall be held in trust separate and apart from all other funds and investments held by the Refunding Trustee solely for the purposes set forth herein. The Refunding Trustee shall not sell, trans- fer, assign or hypothecate such funds, moneys and obligations, except as set forth herein. The City may, according to the terms of this Section 5, substitute other securities for the Acquired Obligations and withdraw funds from the trust hereby created. The City may from time to time transfer, or cause to be transferred, from the 1992 Advance Refunding Fund to the Revenue Fund any moneys not required for payment of the principal and interest due and to become due on the Refunded 1988 Bonds upon securing: (a) a verification by a certified public accounting firm which shall be satisfactory to bond counsel to the City that the moneys and Acquired Obligation on deposit after such transfer will be sufficient to effect the advance refunding of the Refunded 1988 Bonds as set forth herein and in Section 14 of the Bond Ordinance; and (b) an opinion from bond counsel that such transfer (i) is permitted under Section of Ordinance No. 1433-85 of B-6 Fwwoos.00c e2/09r21