Ordinance 1433-88 - Laserfiche WebLink

,applicable regulations thereunder, upon compliance with the following conditions : ( 1 ) The securities to be substituted are direct non- callable obligations of the United States of America. (2 ) The City obtains a verification by a certified public accounting firm which shall be satisfactory to bond counsel and the City that such securities bear such interest and mature at such times and in such amounts as to fully replace the Acquired Obligations for which they are sub- stituted, and to provide, together with Acquired Obligations and cash remaining, for the payment of the amounts specified in items ( a) and (b) above . (3 ) The City obtains an opinion from bond counsel that such substitution ( i ) is permitted under Section 8 of Ordi- nance No . 1139-85 of the City, and (ii ) shall not affect the tax-exempt status of the 1988 Bonds or Refunded 1985 Bonds. B. Disposition of 1988 Bond Proceeds and Interfund Transfers. The proceeds of the 1988 Bonds shall be deposited as follows : ( 1 ) That amount which, together with the amounts in paragraphs 13 .B. ( i ) and ( ii ) below and any necessary beginning cash balance, is needed for the purchase of the Acquired Obligations required for the advance refunding of the Refunded 1985 Bonds (in accordance with this ordinance, the Escrow Agreement, and Section 8 of Ordinance No. 1139-85 of the City) , shall be deposited with the Refunding Trustee and credited to the 1988 Advance Refunding Fund. (2 ) The amount equal to the interest accruing on the 1988 Bonds from February 1, 1988, to the date of their delivery shall be deposited in the 1988 Debt Service Subaccount. -45- KR180 88/01/11