2013/01/09 Council Agenda Packet

I sale of the Bonds and the distribution of the Official Statement pursuant thereto with such changes, if any, as may be deemed by her to be appropriate. Section 16. Disposition of Bond Proceeds, Refunding Plan and Procedures. (a) Reserve Account. The portion of the Bonds, if any, designated by the Chief Financial Officer shall be deposited into the Reserve Account which shall be, together with the balance therein, sufficient to meet the Reserve Requirement. (b) Refunding Plan. A portion of the proceeds of sale of the Bonds, together with other funds, if any, provided by the City shall be delivered to the Escrow Agent for the purpose of defeasing the Refunded Bonds and paying related costs of issuance. Money received by the Escrow Agent fiom Bond proceeds and other money provided by the City shall be used immediately by the Escrow Agent upon receipt thereof in accordance with the terms of the Escrow Agreement to defease the Refunded Bonds as authorized by the 2003 Bond Ordinance and the 2005 Bond Ordinance, respectively, and pay costs of issuance of the Bonds. The City shall defense the Refunded Bonds and discharge such obligations to purchase certain Government Obligations (which obligations so purchased, are herein called "Acquired Obligations"), bearing such interest and maturing as to principal and interest in such amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of. Call Date; and (1) Interest on the Refunded Bonds as such becomes due on and prior to the (2) The redemption price (100% of the principal amount) of the Refunded Bonds payable on the Call Date. 5-63- PA2D287 CMW120287 9RC 01/02/13