Ordinance 1433-88 - Laserfiche WebLink

C. Escrow Agreement. In order to carry out the advance refunding and defeasance of the Refunded 1985 Bonds as provided for in this ordinance, the Mayor and Clerk of the City are authorized and directed to execute and deliver to the Refunding Trustee an Escrow Agreement substantially in the form attached to this ordinance as Exhibit B, with such changes or modifications as the Mayor and Clerk, with the advice of bond counsel to the City, consider necessary or advisable . The City hereby irrevocably sets aside for and pledges to the payment of the Refunded 1985 Bonds the moneys and obligations to be deposited with the Refunding Trustee pursuant to the Escrow Agreement to accomplish the plan of refunding and defeasance of the Refunded 1985 Bonds set forth herein and in the Escrow Agreement. When all of the Refunded 1985 Bonds shall have been redeemed and retired, the City may cause to be transferred from the 1988 Advance Refunding Fund to the Revenue Fund any moneys not required for the purposes set forth above . D. Redemption of Outstanding Bonds. The City hereby irrevocably calls for redemption on July 1, 1995, the Refunded 1985 Bonds in accordance with Section 5 of Ordinance No. 1139-85 . Such call for redemption shall be irrevocable upon the delivery of the 1988 Bonds to the initial purchasers thereof and the final establishment of the 1988 Advance Refunding Fund and delivery of the Acquired Obligations and other funds specified herein to the Refunding Trustee . The Refunding Trustee is hereby authorized and directed to pay to the Treasurer, or at the direction of the Treasurer, to the fiscal agency or agencies of the State of Washington, sums suffi- cient to pay, when due, the payments specified in subparagraphs ( a) and (b) of Section 14.A of this ordinance . All such sums shall be paid from the monies and Acquired Obligations deposited with said Refunding Trustee pursuant to Section 14 of this -47- KR180 88/01/11