Ordinance 1433-88 - Laserfiche WebLink

, funded with the proceeds of the Refunding Bonds and other moneys as hereinafter set forth, and shall be drawn upon as hereinafter set forth solely for the purpose of paying the principal of and interest on the Refunded 1985 Bonds. Moneys in the 1988 Advance Refunding Fund shall be used immediately upon receipt thereof to defease bonds and discharge the other obligations of the City under Ordinance No. 1139-85, adopted June 5, 1985 , authorizing the issuance of the Refunded 1985 Bonds, by providing for the payment of the principal of and interest thereon as hereinafter set forth in this section. The City shall defease the Refunded 1985 Bonds and discharge such obligations by the use of moneys in the 1988 Advance Refunding Fund to purchase certain Acquired Obligations (more particularly described in the Escrow Agreement) , 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: ( a) Interest which will become due and payable on and before July 1, 1995, on the Refunded 1985 Bonds. (b) The redemption price payable for the principal of the Refunded 1985 Bonds maturing after July 1, 1995 . Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the federal Internal Revenue Code of 1986 and regulations relating to acquired obligations in connection with refunding bond issues . Such beginning cash balance and Acquired Obligations shall be irrevocably deposited in the 1988 Advance Refunding Fund with the Refunding Trustee pursuant to the Escrow Agreement. Any amounts described in subparagraphs ( a) and (b) of this section which are not provided for in full by such beginning cash balance and the purchase and deposit of the Acquired Obligations described in this section shall be provided for by the irrevocable deposit of the -43- KR180 88/01/11