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• <br /> b. The City shall withdraw from the 1988 Advance <br /> Refunding Fund and cause to be sold for the account of the City <br /> those securities listed on Exhibit C, attached hereto and shall <br /> apply the proceeds of such sale to the purchase of those <br /> Government Obligations listed on Exhibit D, attached hereto. The <br /> City shall then deposit with Seattle-First National Bank into the <br /> 1988 Advance Refunding Fund those Government Obligations listed <br /> on Exhibit D. <br /> The principal of and interest on all Government Obligations <br /> described in Exhibit D and held by Seattle-First National Bank <br /> pursuant hereto, are irrevocably pledged to the payment of the <br /> principal of and interest on the Refunded 1985 Bonds (as defined <br /> in Ordinance No. 1433-88) . <br /> Seattle-First National Bank shall hold all such Government <br /> Obligations described in Exhibit D, and the income therefrom, as <br /> trustee for the holders of the Refunded 1985 Bonds. <br /> Section 4 . Procedure and Application of Funds. Prior to <br /> effecting any substitutions, the City shall have obtained: <br /> a. A verification addressed to the City and to the <br /> appropriate escrow agent by a nationally recognized firm of <br /> certified public accountants that the Government Obligations and <br /> other obligations and moneys to be held under the applicable <br /> Escrow Agent Agreement after the proposed substitution for <br /> purposes of making the payments required to be made on the <br /> -5- WEM024 91/06/24 <br />