Ordinance 1433-88 - Laserfiche WebLink

,money and the principal of and interest on such obligations are irrevocably set aside and pledged for such purpose, and the sufficiency of such escrowed monies to pay the 1988 Bonds to be redeemed and retired has been verified by a nationally recognized independent certified public accountant, then no further payments need be made into the Revenue Bond Fund for the payment of the principal of and interest on the 1988 Bonds so provided for and such 1988 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 1988 Bonds shall be deemed not to be outstanding hereunder. Within thirty (30) days following the defeasance of any 1988 Bonds pursuant to this Section, written notice of the action so taken shall be mailed to Standard & Poor' s Corporation, Moody' s Investors Service, Inc . , Shearson Lehman Brothers Inc . , Foster and Marshall Division, Seattle-Northwest Securities Corporation, and Dain Bosworth Incorporated, at their main offices, or to their successors in business, if any, at their main offices. At the same time, such notice shall be mailed to all registered owners of the 1988 Bonds at their last addresses, if any, appearing upon the Bond Register. The mailing of such notices shall not be a condi- tion precedent for defeasance of the 1988 Bonds so provided for. Section 11 . Bond Covenants. A. Maintenance and Operation. The City shall at all times maintain, preserve and keep the properties of the System in good repair, working order and condition and will from time to time make all necessary and proper repairs, renewals, replace- ments, extensions and betterments thereto, so that at all times the business carried on in connection therewith will be properly and advantageously conducted, and the City will at all times operate or cause to be operated said properties of the System and -32- KR180 88/01/11