Ordinance 1433-88 - Laserfiche WebLink

,necessary amount out of the proceeds of sale of the Refunding Bonds or any other monies of the City legally available therefor with the aforesaid Refunding Trustee. The proceeds of the Refunding Bonds remaining in the 1988 Advance Refunding Account 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. Such necessary beginning cash balance and Acquired Obliga- tions shall be deposited in trust in the 1988 Advance Refunding Fund with the Refunding Trustee pursuant to the Escrow Agreement. Such beginning cash and Acquired Obligations are hereby irrevo- cably pledged to be held and applied solely for the payment of the principal and interest due and to become due on the Refunded 1985 Bonds, provided, however, that the City may from time to time transfer, or cause to be transferred, from the 1988 Advance Refunding Fund to the Revenue Fund any moneys not required for payment of the principal and interest due and to become due on the Refunded 1985 Bonds upon securing: ( 1 ) a verification by a certified public accounting firm which shall be satisfactory to bond counsel to the City that the moneys and Acquired Obligations on deposit after such transfer will be sufficient to effect the advance refunding of the Refunded 1985 Bonds as set forth herein and in the Escrow Agreement; and (2 ) an opinion from bond counsel that such transfer (i ) is permitted under Section 8 of Ordinance No . 1139-85 of the City, and ( ii ) shall not affect the tax-exempt status of the 1988 Bonds or Refunded 1985 Bonds. The City reserves the right to substitute other securities for the Acquired Obligations in the event it may do so pursuant to Section 148 of the federal Internal Revenue Code of 1986 and -44- KR180 88/01/11