Ordinance 1891-92 - Laserfiche WebLink

(b) Such proceeds and reinvestment proceeds shall be • reinvested ata yield not in excess of zero percent (0%) . (c) The obligations in which such proceeds are rein- vested shall mature not later than the date the principal thereof and interest thereon are needed to make any required payment as described in Section 2 of this Agreement and as shown in the then applicable certified public accountant escrow verification. (d) If such proceeds, together with other moneys on hand in the 1992 Advance Refunding Fund, are insufficient to reinvest in the smallest denomination of such obligations or are required sooner than the shortest maturity of such obligations, or obligations meeting the requirements of (a) , (b) or (c) are not available, such proceeds shall be converted to cash and retained in the trust in the 1992 Advance Refunding Fund until needed to make a required payment therefrom, or until sufficient moneys are accumulated to permit the reinvestment thereof. Section 7 . Remission of Funds When Refunded 1988 Bonds Paid. At such time as the Refunding Trustee shall receive evidence satisfactory to it from the City that the Refunded 1988 Bonds have been paid in full, including both the principal thereof and interest thereon, the Refunding Trustee shall deliver forthwith or remit to the City any Acquired Obligations and moneys held pursuant to this Agreement in the 1992 Advance Refunding Fund. Section 8 . Duties and Obligations of the Refunding Trustee . The duties and obligations of the Refunding Trustee shall be as B-10 Fwwoo3.DOc 92/09/21