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• <br /> WHEREAS, the City has heretofore provided such Government <br /> Obligations for such purposes; and <br /> WHEREAS, the City has, by Section 10 of Ordinance No. 1139- <br /> 85 and Section 14 of Ordinance No. 1433-88, reserved the right to <br /> substitute other Government Obligations for the Government <br /> Obligations now held in the respective advance refunding funds <br /> created by such ordinances in the event it determines to do so, <br /> upon compliance with the following: <br /> a. the substituted obligations deposited in the <br /> appropriate advance refunding fund shall be sufficient for the <br /> payment of principal, premium, if any, and interest due and to <br /> become due on the Defeased Bonds as previously provided; <br /> b. The City shall obtain a verification by a <br /> certified public accountant which shall be satisfactory to bond <br /> counsel to the City that the substituted obligations will be <br /> sufficient to the effect the advance refunding of the Defeased <br /> Bonds; and <br /> c. The City shall obtain an opinion from bond counsel <br /> that such substitution is legally permitted under certain City <br /> ordinances and shall not cause interest on any of the Defeased <br /> Bonds or the 1985 Bonds or 1988 Bonds, to become subject to <br /> income tax. <br /> WHEREAS, it is desirable for the City to now revise, in <br /> compliance with Section 10 of Ordinance No. 1139-85 and <br /> -2- WEM024 91/06/24 <br />