Ordinance 1139-85 - Laserfiche WebLink

ment bond" under Section 103 (b) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder. Section 10. Defeasance of Outstanding Bonds and Disposition of Bond Proceeds. A. 1985 Advance Refunding Fund-A. There is hereby created in the office of the Treasurer a special fund of the City, to be held by Peoples National Bank of Washington (hereinafter called the "Refunding Trustee" ) , which fund shall be known as the 1985 Advance Refunding Fund-A. The 1985 Advance Refunding Fund-A shall be funded 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 outstanding 1982 Bonds (the "Outstanding A Bonds" ) . The District shall purchase, or cause the Refunding Trustee to purchase on its behalf, on the date of the delivery of the Refunding Bonds, out of the proceeds of the Bonds and other moneys deposited in the 1985 Advance Refunding Fund-A from the Revenue Fund and from the debt service account and reserve account for the 1982 Bonds, certain Acquired Obligations (more particularly described in the Safekeeping Agreement) for credit to the 1985 Advance Refunding Fund-A which, together with any necessary beginning cash balance therein, will be sufficient for the payment of the principal of and interest on the outstanding-A Bonds as the same shall become due. Such necessary beginning cash balance and Acquired Obliga- tions shall be deposited in trust in the 1985 Advance Refunding Fund-A with the Refunding Trustee pursuant to the Safekeeping Agreement. Such beginning cash and Acquired Obligations are hereby irrevocably pledged to be held and applied solely for the payment of the principal and interest due and to become due on the outstanding-A Bonds, provided, however, that the City may from -31- WMD202 85/06/10