Ordinance 1800-91 - Laserfiche WebLink

• Outstanding A Bonds and the Refunded 1985 Bonds, as the case may be, will be adequate to make all such remaining payments; and b. An opinion addressed to the City and U.S. Bank of Washington, N.A. and Seattle-First National Bank from Preston Thorgrimson Shidler Gates & Ellis, nationally recognized bond counsel, that such substitution of obligations is permitted under Section 7 of Ordinance No. 830-81, in the case of the 1985 Bonds, and under Section 8 of Ordinance No. 1139-85, in the case of the 1988 Bonds, and will not cause the interest on the applicable Defeased Bonds, and the 1985 Bonds or 1988 Bonds to become subject to federal income taxes. The net proceeds of all exchange transactions described above in Section 3 shall be deposited into the 441 Fund of the City. Section 5. Finding of Defeasance. The City hereby finds and determines that (1) securities listed in Exhibit B and Exhibit D to be held in the 1985 Advance Refunding Fund-A and the 1988 Advance Refunding Fund pursuant to this ordinance are Government Obligations, as defined herein; (2) that the Government Obligations bear such interest and mature at such times and in such amounts as to fully replace the obligations withdrawn and sold as described herein and such Government Obligations, together with the remaining obligations and cash, are sufficient thereafter for the payment of the principal of, premium, if any, and interest on the Defeased Bonds as the same -6- WEM024 91/06/24