Ordinance 1681-90 - Laserfiche WebLink

• 1 that on or after March 15 , 1993 , money and/or "government 2 obligations , " as defined in Chapter 39 . 53 RCW as now or 3 hereafter amended, maturing at such time or times and bearing 4 interest to be earned thereon in amounts (together with such 5 money, if necessary) sufficient to pay and retire the Bonds in 6 accordance with their terms , are set aside in or for the account 7 of the Bond Fund for the Bonds to effect such payment and 8 retirement , and such money and the principal of and interest on 9 such government obligations are set aside in a special fund and 10 pledged irrevocably for such purpose, then no further payments 11 need to be made into the Bond Fund for the payment of the 12 principal of and interest on the Bonds , and the Bonds shall 13 cease to be entitled to any lien, claim, benefit or security of 14 this ordinance or of the Local Improvement Guaranty Fund except 15 the right to receive the money so set aside and pledged, and 16 thereafter the Bonds shall be deemed not to be outstanding 17 hereunder . 18 SectiQn 12 . Immediately upon receipt of proceeds of the 19 issuance of the Bonds , $506 , 385 of Bond proceeds shall be 20 deposited in the Local Improvement Guaranty Fund. The remaining 21 Bond proceeds shall be deposited in the Local Improvement Fund, 22 District No . 726, and Local Improvement Fund, District No . 728, 23 in amounts sufficient to redeem on April 1, 1990 , the City' s 24 $4 , 435 , 000 Local Improvement District No . 726 Bond Anticipation 25 Notes dated August 1, 1988 , and to reimburse the City for - 10 -