Ordinance 1139-85 - Laserfiche WebLink

time to time transfer, or cause to be transferred, from the 1985 Advance Refunding Fund-A to the Revenue Fund any moneys not required for payment of the principal and interest due and to become due on the outstanding-A Bonds upon securing a verification from a certified public accounting firm and an opinion of bond counsel as hereinafter set forth. The City reserves the right to substitute other Acquired Obligations for the Acquired Obligations deposited in the 1985 Advance Refunding Fund-A, provided, that at all times the moneys and Acquired Obligations on deposit in the 1985 Advance Refunding Fund-A shall be sufficient for the payment of principal and interest due and to become due on the Outstanding A Bonds as provided herein. Prior to any such substitution, the City shall obtain ( 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 substitution will be sufficient to effect the advance refunding of the Outstanding A Bonds as set forth herein and in the Safekeeping Agreement; and (2 ) an opinion from bond counsel that such substitution ( i ) is permitted under Section 7 of Ordinance No. 830-81 of the City, and (ii ) shall not cause interest on any of the Refunding Bonds to become subject to federal income tax. B. 1985 Advance Refunding Fund-B. There is hereby created in the office of the Treasurer a special fund of the City, to the held by the Refunding Trustee, which fund shall be known as the 1985 Advance Refunding Fund-B. The 1985 Advance Refunding Fund-B 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 1978 Bonds, 1980 Bonds and 1983 Bonds (the "Outstanding B Bonds" ) . -32- WMD202 85/06/10