Ordinance 1433-88 - Laserfiche WebLink

ordinance, and the income therefrom and proceeds thereof. All such sums so paid to said Treasurer shall be credited to the 1988 Advance Refunding Fund. All moneys and Acquired Obligations deposited with said Refunding Trustee and any income therefrom shall be held, invested and applied in accordance with the provi- sions of this ordinance and with the laws of the State of Washington for the benefit of the City and holders of the Refunded 1985 Bonds. The City will take such actions as are found necessary to see that all necessary and proper fees, compensation and expenses of the Refunding Trustee for the Refunded 1985 Bonds shall be paid when due. The Refunding Trustee, acting in concert with the Treasurer and the Finance Director of the City, is hereby authorized and directed to provide for the giving of notice of the redemption of such Refunded 1985 Bonds in accordance with the provisions of such ordinance . The Treasurer and Finance Director of the City are authorized and requested to provide whatever assistance is neces- sary to accomplish such redemption and the giving of notice therefor. The costs of publication of such notice shall be an expense of the City. Section 15 . Finding of Defeasance. The Council hereby finds and determines that the moneys and Acquired Obligations to be deposited with the Refunding Trustee to pay the principal and interest due and to become due on the Refunded 1985 Bonds are sufficient to pay such amounts and will discharge and satisfy the obligations of the City under Ordinance No. 1139-85 authorizing the issuance of the Refunded 1985 Bonds and the pledges, charges, trusts, covenants and agreements of the City therein made. The Refunded 1985 Bonds shall be deemed to be defeased and no longer outstanding immediately upon the deposit of such moneys and Acquired Obligations with the Refunding Trustee . -48- KR180 88/01/11