2013/01/09 Council Agenda Packet

Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the Code and regulations relating to acquired obligations in connection with refunding bond issues. (c) Escrow Agent/Escrow Agreement. U.S. Bank National Association, Seattle, Washington, is hereby authorized to act as the escrow agent (the "Escrow Agent") for the Refunded Bonds. The Designated Representative is hereby authorized to designate an accounting flim to act as escrow verification agent. A beginning cash balance, if any, and Acquired Obligations shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Bonds after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations and expenses of the issuance of the Bonds. In order to carry out the purposes of this section, the Chief Financial Officer is authorized and directed to execute and deliver to the Escrow Agent, an Escrow Deposit Agreement and a Cost of Issuance Agreement, each substantially in the forms attached hereto as Exhibit A and Exhibit B, respectively. (d) Implementation of Refunding Plan. The City hereby irrevocably calls the Refunded Bonds for redemption on the Call Date in accordance with the provisions of the 2003 Bond Ordinance and the 2005 Bond Ordinance, respectively. Said defeasance and call for redemption of the Refunded Bonds shall be irrevocable after the final establishment of the escrow account and delivery of the Acquired Obligations to the Escrow Agent. The Escrow Agent is hereby authorized and directed to provide for the giving of notices of the redemption of the Refunded Bonds in accordance with the applicable provisions of the 2003 Bond Ordinance and the 2005 Bond Ordinance, respectively. The Chief Financial Officer 5754_ P:120287 CMNR20287_9RC 01/02/13