Ordinance 1891-92 - Laserfiche WebLink

the City, and (ii) shall not affect the tax-exempt status of the 1992 Bonds or Refunded 1988 Bonds . The City reserves the right to substitute other securities for the Acquired Obligations in the event it may do so pursuant to Section 148 of the federal Internal Revenue Code of 1986 and applicable regulations thereunder, upon compliance with the following conditions : (a) The securities to be substituted are direct noncallable obligations of the United States of America. (b) The City obtains a verification by a certified public accounting firm which shall be satisfactory to bond counsel and the City that such securities bear such interest and mature at such times and in such amounts as to fully replace the Acquired Obligations for which they are substituted, and to provide, together with Acquired Obligations and cash remaining, for the payment of the amounts specified in Section 2, items (a) and (b) above . (c) The City obtains an opinion from bond counsel that such substitution (i) is permitted under Section of Ordinance No . 1433-88 of the City, and (ii) shall not affect the tax-exempt status of the 1992 Bonds or Refunded 1988 Bonds . The Refunding Trustee agrees to such substitution and withdrawal if the conditions precedent thereto contained in the Bond Ordinance are met, provided, that the required legal opinion shall be from nationally-recognized bond counsel . B-7 FWW003.DOC 92/09,21