Ordinance 1740-90 - Laserfiche WebLink

Bonds. Moneys in the Bond Fund not needed to pay the interest or principal next coming due may temporarily be deposited in such institutions or invested in such obligations as may be lawful for the investment of City moneys. Any interest on or profit from the investment of such moneys shall be deposited in the Bond Fund. SECTION 8 . Defeasance. In the event that money and/or "Government Obligations, " as such Obligations are now or may hereafter be defined in Ch. 39 . 53 RCW, maturing at such time or times and bearing interest to be earned thereon in amounts suffi- cient to redeem and retire the Bonds or a portion of the Bonds in accordance with their terms, are set aside in a special account to effect such redemption or retirement and such money and the principal of and interest on such Obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment of the principal of and interest on the Bonds so provided for and such Bonds shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive the funds so set aside and pledged, and such Bonds shall be deemed not to be outstanding hereunder. SECTION 9 . Payment of Arbitrage Rebate. A. General Rule. The City will pay to the United States of America in accordance with the provisions of this Section (i) at least 90 percent of the Rebatable Arbitrage with respect to the Bonds as of each Installment Computation Date, and (ii) 100 percent of the Rebatable Arbitrage with respect to the Refunding Bonds as of the Final Computation Date. B. Computation of Rebatable Arbitrage. The Rebatable Arbitrage with respect to the Bonds computed in accordance with -13- KR113 90/09/17